Bill Text: NY S07287 | 2017-2018 | General Assembly | Introduced

New York Senate Bill 7287 (Prior Session Legislation)

Introduced

Bill Title: Expands property tax credits for farmers to include a trustee or a trust established by the taxpayer and rented to a member of the taxpayer's immediate family where, under the terms of the trust, the title to the property shall pass to such family member upon the death of the taxpayer.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2018-04-18 - SIGNED CHAP.14 [S07287 Detail]

Download: New_York-2017-S07287-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                          7287
                    IN SENATE
                                     January 5, 2018
                                       ___________
        Introduced  by  Sen. RITCHIE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules
        AN ACT to amend the tax law and a chapter of the laws of 2017,  amending
          the  tax law relating to property tax credits for farmers, as proposed
          in legislative bills numbers S. 2899 and A. 4650, in relation to prop-
          erty 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 a chapter of the laws of 2017, amending the  tax  law
     3  relating to property tax credits for farmers, as proposed in legislative
     4  bills numbers S. 2899 and A. 4650, is amended to read as follows:
     5    (3)  School  district property taxes. For purposes of this subsection,
     6  the term "school district property  taxes"  means  all  property  taxes,
     7  special  ad  valorem levies and special assessments, exclusive of penal-
     8  ties and interest, levied for school district purposes on the  qualified
     9  agricultural  property  (A)  owned  by  the  taxpayer,  (B) owned by the
    10  father, mother, grandfather,  grandmother,  brother  or  sister  of  the
    11  taxpayer  and  a  written  agreement  expressing  intent  to  eventually
    12  purchase the land has been entered into,  or  (C)  owned  by  trust  [to
    13  which]  where the taxpayer is [a beneficiary] an immediate family member
    14  of the settlor, and where under the terms of the trust the title to  the
    15  property shall pass to such taxpayer upon the death of the settlor.
    16    §  2. Section 2 of a chapter of the laws of 2017, amending the tax law
    17  relating to property tax credits for farmers, as proposed in legislative
    18  bills numbers S. 2899 and A. 4650, is amended to read as follows:
    19    § 2. This act shall take effect immediately and shall apply to taxable
    20  years beginning on or after January 1, 2018.
    21    § 3. This act shall take effect immediately, provided that section one
    22  of this act shall take effect on the same date and in the same manner as
    23  a chapter of the laws of 2017, amending the tax law relating to property
    24  tax credits for farmers, as proposed in  legislative  bills  numbers  S.
    25  2899 and A. 4650, takes effect.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08277-03-7