Bill Text: NY S01798 | 2015-2016 | General Assembly | Amended
Bill Title: Relates to providing a tax credit to farmers who sell or rent their agricultural land to a young farmer.
Spectrum: Moderate Partisan Bill (Republican 18-2)
Status: (Engrossed - Dead) 2016-05-24 - referred to ways and means [S01798 Detail]
Download: New_York-2015-S01798-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 1798--A 2015-2016 Regular Sessions IN SENATE January 14, 2015 ___________ Introduced by Sens. RITCHIE, BONACIC, CROCI, DeFRANCISCO, FARLEY, GALLI- VAN, GRIFFO, LARKIN, LAVALLE, LITTLE, MARCHIONE, NOZZOLIO, O'MARA, ORTT, PANEPINTO, RANZENHOFER, ROBACH, SEWARD, VALESKY, YOUNG -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations -- recommitted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee AN ACT to amend the tax law, in relation to providing a tax credit to farmers who sell or rent their agricultural land to a young farmer The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 210-B of the tax law is amended by adding a new 2 subdivision 51 to read as follows: 3 51. Credit for farmers who sell or rent their agricultural land to a 4 young farmer. (a) Allowance of credit. A taxpayer that is an agricul- 5 tural business principally engaged in farming, as such term is defined 6 in paragraph nineteen of subdivision (b) of section eleven hundred one 7 of this chapter shall be allowed a credit against the tax imposed by 8 this article for the sale or rent of their agricultural lands to a young 9 farmer, as defined in this section. Such credit shall be ten percent of 10 the purchase price or rental amount of the agricultural lands. 11 (b) For purposes of this subdivision, "young farmer" shall mean a 12 farmer who has not produced an agricultural product for more than ten 13 consecutive years, where agricultural product means any agricultural or 14 aquacultural product of the soil or water, including but not limited to 15 fruits, vegetables, eggs, dairy products, meat and meat products, poul- 16 try and poultry products, fish and fish products, grain and grain 17 products, honey, nuts, preserves, maple sap products, apple cider, fruit 18 juice, horticultural specialties, and Christmas trees and who will mate- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD05709-02-6
