Bill Text: NY S07170 | 2015-2016 | General Assembly | Amended
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: (Engrossed - Dead) 2016-06-16 - referred to ways and means [S07170 Detail]
Download: New_York-2015-S07170-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 7170--A IN SENATE April 5, 2016 ___________ Introduced by Sen. RITCHIE -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee 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. LBD14882-04-6
