Bill Text: NY S06424 | 2013-2014 | General Assembly | Introduced

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Bill Title: Relates to real property tax exemptions for farm dwellings owned by a limited liability company.

Spectrum: Slight Partisan Bill (Republican 3-1)

Status: (Introduced - Dead) 2014-05-12 - SUBSTITUTED BY A8320B [S06424 Detail]

Download: New_York-2013-S06424-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6424
                                   I N  S E N A T E
                                   January 22, 2014
                                      ___________
       Introduced  by  Sen. MARTINS -- read twice and ordered printed, and when
         printed to be committed to the Committee on Local Government
       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 immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13198-01-3