Bill Text: NY A08320 | 2013-2014 | General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relates to real property tax exemptions for farm dwellings owned by a limited liability company.
Spectrum: Partisan Bill (Democrat 16-0)
Status: (Vetoed) 2014-11-21 - tabled [A08320 Detail]
Download: New_York-2013-A08320-Amended.html
Bill Title: Relates to real property tax exemptions for farm dwellings owned by a limited liability company.
Spectrum: Partisan Bill (Democrat 16-0)
Status: (Vetoed) 2014-11-21 - tabled [A08320 Detail]
Download: New_York-2013-A08320-Amended.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 8320--A 2013-2014 Regular Sessions I N A S S E M B L Y December 18, 2013 ___________ Introduced by M. of A. MAGNARELLI -- read once and referred to the Committee on Real Property Taxation -- recommitted to the Committee on Real Property Taxation in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the real property tax law, in relation to a real proper- ty tax exemption for farm dwellings owned by a limited liability company THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. Paragraph (d) of subdivision 3 of section 425 of the real 2 property tax law, as added by chapter 443 of the laws of 2003, is 3 amended to read as follows: 4 (d) Farm dwellings not owned by the resident. (i) If legal title to 5 the farm dwelling is held by an S-corporation or by a C-corporation, the 6 exemption shall be granted if the property serves as the primary resi- 7 dence of a shareholder of such corporation. 8 (ii) If the legal title to the farm dwelling is held by a partnership, 9 the exemption shall be granted if the property serves as the primary 10 residence of one or more of the partners. 11 (iii) IF THE LEGAL TITLE TO THE FARM DWELLING IS HELD BY A LIMITED 12 LIABILITY COMPANY, THE EXEMPTION SHALL BE GRANTED IF THE PROPERTY SERVES 13 AS THE PRIMARY RESIDENCE OF ONE OR MORE OF THE OWNERS. 14 (IV) Any information deemed necessary to establish shareholder or 15 partner status for eligibility purposes shall be considered confidential 16 and exempt from the freedom of information law. 17 S 2. This act shall take effect January 1, 2015. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13198-02-4