Bill Text: NY S02899 | 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: Partisan Bill (Republican 1-0)
Status: (Passed) 2017-12-18 - APPROVAL MEMO.52 [S02899 Detail]
Download: New_York-2017-S02899-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 2899 2017-2018 Regular Sessions IN SENATE January 18, 2017 ___________ Introduced by Sen. RITCHIE -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations 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
