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NY S07287
Bill
Status
4/18/2018
Primary Sponsor
Patricia Ritchie
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AI Summary
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Amends Tax Law Section 606(n)(3) to expand the definition of "qualified agricultural property" eligible for school district property tax credits for farmers to include property owned by a trust where the taxpayer is an immediate family member of the settlor and title passes to the taxpayer upon the settlor's death.
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Replaces previous language limiting trust eligibility to cases where the taxpayer is "a beneficiary" with new language specifying the taxpayer must be "an immediate family member of the settlor" with inheritance provisions.
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Applies to taxable years beginning on or after January 1, 2018.
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Takes effect immediately, consistent with the effective date of the related 2017 legislation (S. 2899 and A. 4650) that originally created this property tax credit program.
Legislative Description
Expands property tax credits for farmers to include a trustee or a trust established by the taxpayer and rented to a member of the taxpayer's immediate family where, under the terms of the trust, the title to the property shall pass to such family member upon the death of the taxpayer.
Last Action
SIGNED CHAP.14
4/18/2018