New York S 1630: Extends eligibility for the agricultural property tax credit to farmers having a leasehold interest of not fewer than five years in qualified agricultural property

Bill Text

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S01630 Summary:

BILL NOS01630 

&nbsp

SAME ASSAME AS A02295

&nbsp

SPONSORBORRELLO

&nbsp

COSPNSR

&nbsp

MLTSPNSR

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Amd §§210-B & 606, Tax L

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Extends eligibility for the agricultural property tax credit to farmers having a leasehold interest of not fewer than five continuous years in qualified agricultural property.

Go to top S01630 Actions:

BILL NOS01630 

&nbsp

01/13/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS01630 Committee&nbspVotes:

Go to topS01630 Floor&nbspVotes:

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

Go to topS01630 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1630

 2025-2026 Regular Sessions

 IN SENATE

 January 13, 2025
 ___________

 Introduced by Sen. BORRELLO -- read twice and ordered printed, and when
 printed to be committed to the Committee on Budget and Revenue

 AN ACT to amend the tax law, in relation to the eligibility of farmers
 leasing land for the agricultural property tax credit

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

 1 Section 1. Paragraphs (a) and (b) of subdivision 11 of section 210-B
 2 of the tax law, as added by section 17 of part A of chapter 59 of the
 3 laws of 2014, are amended to read as follows:
 4 (a) General. In the case of a taxpayer which is an eligible farmer
 5 [or], an eligible farmer [who] which has paid taxes pursuant to a land
 6 contract or an eligible farmer which has a leasehold interest of not
 7 fewer than five continuous years as a lessee of qualified agricultural
 8 property, there shall be allowed a credit for the allowable school
 9 district property taxes. The term "allowable school district property
 10 taxes" means the school district property taxes paid during the taxable
 11 year on qualified agricultural property, subject to the acreage limita-
 12 tion provided in paragraph (e) of this subdivision and the income limi-
 13 tation provided in paragraph (f) of this subdivision.
 14 (b) Eligible farmer. For purposes of this subdivision, the term
 15 "eligible farmer" means a taxpayer whose federal gross income from farm-
 16 ing for the taxable year is at least two-thirds of excess federal gross
 17 income. The term "eligible farmer" also includes a corporation other
 18 than the taxpayer of record for qualified agricultural land which has
 19 paid the school district property taxes on such land or which has a
 20 leasehold interest of not fewer than five continuous years as a lessee
 21 of such land pursuant to a contract for the future purchase of such
 22 land; provided that such corporation has a federal gross income from
 23 farming for the taxable year which is at least two-thirds of excess
 24 federal gross income; and provided further that, in determining such
 25 income eligibility, a taxpayer may, for any taxable year, use the aver-
 26 age of such federal gross income from farming for that taxable year and
 27 such income for the two consecutive taxable years immediately preceding
 28 such taxable year. Excess federal gross income means the amount of

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01772-01-5

 S. 1630 2

 1 federal gross income from all sources for the taxable year in excess of
 2 thirty thousand dollars. For the purposes of this paragraph, payments
 3 from the state's farmland protection program, administered by the
 4 department of agriculture and markets, shall be included as federal
 5 gross income from farming for otherwise eligible farmers.
 6 § 2. Paragraphs 1 and 2 of subsection (n) of section 606 of the tax
 7 law, paragraph 1 as amended by chapter 315 of the laws of 1998 and para-
 8 graph 2 as amended by chapter 297 of the laws of 2010, are amended to
 9 read as follows:
 10 (1) General. In the case of a taxpayer who is an eligible farmer [or],
 11 an eligible farmer who has paid taxes pursuant to a land contract, or an
 12 eligible farmer who has a leasehold interest of not fewer than five
 13 continuous years as a lessee of qualified agricultural property, there
 14 shall be allowed a credit for the allowable school district property
 15 taxes. The term "allowable school district prope