Bill Text: NY S04773 | 2021-2022 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Amends the definition of eligible farmer for purposes of the agricultural property tax credit.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO BUDGET AND REVENUE [S04773 Detail]

Download: New_York-2021-S04773-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          4773

                               2021-2022 Regular Sessions

                    IN SENATE

                                    February 11, 2021
                                       ___________

        Introduced  by  Sen. HINCHEY -- 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 definition  of  eligible
          farmer for purposes of 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.  Paragraph (b) of subdivision 11 of section  210-B  of  the
     2  tax  law,  as added by section 17 of part A of chapter 59 of the laws of
     3  2014, is amended to read as follows:
     4    (b) Eligible farmer.  For  purposes  of  this  subdivision,  the  term
     5  "eligible farmer" means a taxpayer whose federal gross income from farm-
     6  ing  for the taxable year is at least two-thirds of excess federal gross
     7  income. The term "eligible farmer" also  includes  a  corporation  other
     8  than  the  taxpayer  of record for qualified agricultural land which has
     9  paid the school district property taxes  on  such  land  pursuant  to  a
    10  contract for the future purchase of such land; provided that such corpo-
    11  ration  has  a  federal  gross  income from farming for the taxable year
    12  which is at  least  two-thirds  of  excess  federal  gross  income;  and
    13  provided further that, in determining such income eligibility, a taxpay-
    14  er  may,  for  any  taxable  year, use the average of such federal gross
    15  income from farming for that taxable year and such income  for  the  two
    16  consecutive  taxable  years  immediately  preceding  such  taxable year.
    17  Excess federal gross income means the amount  of  federal  gross  income
    18  from  all sources for the taxable year in excess of [thirty] fifty thou-
    19  sand dollars. For the purposes of  this  paragraph,  payments  from  the
    20  state's  farmland  protection program, administered by the department of
    21  agriculture and markets, shall be included as federal gross income  from
    22  farming for otherwise eligible farmers.
    23    § 2.  This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09695-02-1