New York S 8862: Provides a tax credit for sales or rentals of agricultural assets to emerging farmers; and establishes the duties of the commissioner of agriculture and markets with respect thereto

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 Speaker Carl E. Heastie

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S08862 Summary:

BILL NOS08862A

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SAME ASSAME AS A10130

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SPONSORHINCHEY

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COSPNSR

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MLTSPNSR

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Add §50, amd §§210-B & 606, Tax L; amd §16, Ag & Mkts L

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Provides a tax credit for sales or rentals of agricultural assets to emerging farmers; requires the commissioner of agriculture and markets to implement a plan for certification of eligible taxpayers with respect thereto.

Go to top S08862 Actions:

BILL NOS08862A

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01/12/2026REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

01/30/2026AMEND (T) AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

01/30/2026PRINT NUMBER 8862A

Go to topS08862 Committee&nbspVotes:

Go to topS08862 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS08862 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8862--A

 IN SENATE

 January 12, 2026
 ___________

 Introduced by Sen. HINCHEY -- read twice and ordered printed, and when
 printed to be committed to the Committee on Investigations and Govern-
 ment Operations -- committee discharged, bill amended, ordered
 reprinted as amended and recommitted to said committee

 AN ACT to amend the tax law, in relation to providing a tax credit for
 sales or rentals of agricultural assets to emerging farmers; and to
 amend the agriculture and markets law, in relation to establishing
 duties of the commissioner of agriculture and markets with respect
 thereto

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. This act shall be known and may be cited as the "New York
 2 emerging farmer tax credit act".
 3 § 2. The tax law is amended by adding a new section 50 to read as
 4 follows:
 5 § 50. Credit for owners of agricultural assets. (a) General. A taxpay-
 6 er that has been certified by the commissioner of agriculture and
 7 markets as a certified owner of agricultural assets shall be eligible
 8 for a credit against the tax imposed under article nine-A or twenty-two
 9 of this chapter, pursuant to the provisions referenced in this section.
 10 (b) Definitions. For purposes of this section, the following terms
 11 shall have the following meanings:
 12 (1) "Agricultural assets" shall mean agricultural land, livestock,
 13 facilities, buildings, or machinery used for farming.
 14 (2) "Emerging farmer" means a resident of New York who:
 15 (i) is seeking entry, or has entered within the last ten years, into
 16 farming;
 17 (ii) intends to farm land located within the state borders of New
 18 York;
 19 (iii) is not related by blood or marriage to the owner of the agricul-
 20 tural assets from whom the emerging farmer is seeking to purchase or
 21 rent agricultural assets;
 22 (iv) is not related by blood or marriage to a partner, member, share-
 23 holder, or trustee of the owner of agricultural assets from whom the
 24 emerging farmer is seeking to purchase or rent agricultural assets;
 25 (v) intends to provide the majority of the day-to-day physical labor
 26 or management of the farm; and

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD14274-03-6

 S. 8862--A 2

 1 (vi) meets the eligibility requirements for certification as an emerg-
 2 ing farmer as determined by the commissioner of agriculture and markets.
 3 (3) "Farm product" shall have the same meaning as crops, livestock and
 4 livestock products as defined in subdivision two of section three
 5 hundred one of the agriculture and markets law.
 6 (4) "Farming" means the active use, management, and operation of real
 7 and personal property for the production of a farm product.
 8 (5) "Owner of agricultural assets" means an individual, trust, part-
 9 nership, or business entity that:
 10 (i) is the owner in fee of agricultural land or has legal title to any
 11 other agricultural asset;
 12 (ii) is a New York state resident;
 13 (iii) derived at least fifty percent of the individual's, trust's,
 14 partnership's or business entity's gross income from farming in at least
 15 five of the preceding fifteen years; and
 16 (iv) provided the majority of the day-to-day physical labor and
 17 management of a farm in at least five of the preceding fifteen years.