Bill Text: NY A04650 | 2017-2018 | General Assembly | Introduced
Bill Title: Relates to property tax credits for farmers; adds property owned in trust to which a taxpayer is a beneficiary to qualified agricultural property.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Introduced - Dead) 2017-06-15 - substituted by s2899 [A04650 Detail]
Download: New_York-2017-A04650-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 4650 2017-2018 Regular Sessions IN ASSEMBLY February 3, 2017 ___________ Introduced by M. of A. MAGEE, CROUCH -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to property tax credits for farmers The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph 3 of subsection (n) of section 606 of the tax 2 law, as amended by chapter 728 of the laws of 2005, is amended to read 3 as follows: 4 (3) School district property taxes. For purposes of this subsection, 5 the term "school district property taxes" means all property taxes, 6 special ad valorem levies and special assessments, exclusive of penal- 7 ties and interest, levied for school district purposes on the qualified 8 agricultural property (A) owned by the taxpayer [or], (B) owned by the 9 father, mother, grandfather, grandmother, brother or sister of the 10 taxpayer and a written agreement expressing intent to eventually 11 purchase the land has been entered into, or (C) owned by trust to which 12 the taxpayer is a beneficiary. 13 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08277-01-7
