BILL NUMBER: S1630
SPONSOR: BORRELLO
 
TITLE OF BILL:
An act to amend the tax law, in relation to the eligibility of farmers
leasing land for the agricultural property tax credit
 
PURPOSE OR GENERAL IDEA OF BILL:
This bill extends eligibility for the agricultural property tax credit
to farmers having a leasehold interest of not fewer than five years in
qualified agricultural property.
 
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 defines farmers claiming the credit against the Corporate
Franchise Tax as those who lease land for at least five continuous
years.
Section 2 defines farmers claiming the credit against the Personal
Income Tax as those who lease land for at least five continuous years.
Section 3 gives the Commissioner of Taxation and Finance the authority
to make any rules and regulations that are deemed necessary.
Section 4 authorizes this act to take effect immediately and apply to
taxable years commencing on or after January 1, 2023.
 
JUSTIFICATION:
Under current law, a farmer must own real property in order to qualify
for the farmer's income tax credit for monies paid for school property
taxes. This proposal would extend eligibility to farmers who lease agri-
cultural lands for at least five continuous years. This proposal would
not only provide $2 million in tax relief for New York's Agricultural
industry, but it would also enhance access to farmland and open space
preservation.
 
PRIOR LEGISLATIVE HISTORY:
A5362 A 06/19/08 held for consideration in way and means
07/01/10 held for consideration in way and means
06/19/12 - A1399 - held for consideration in ways and means
06/17/14 A327 held for consideration in ways and means
A3358 06/14/16 held for consideration in ways and means
A1558 - 06/14/18 held for consideration in ways and means
A1702 - 07/17/20 held for consideration in ways and means
A5722 06/01/22-held for consideration in ways and means
2023: S5920/A2040 Referred to Budget and Revenue
2024: S5920/A2040 Referred to Budget and Revenue
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
TBD.
 
EFFECTIVE DATE:
This act shall take effect on the one hundredth and eightieth day after
it shall become law.