Bill > A01702

This bill extends eligibility for the agricultural property tax credit to farmers who have a leasehold interest of at least five continuous years in qualified agricultural property, in addition to farmers who have paid taxes pursuant to a land contract. The bill amends the tax law to define an "eligible farmer" as a taxpayer whose federal gross income from farming is at least two-thirds of their excess federal gross income, and includes individuals who have a leasehold interest of at least five continuous years in qualified agricultural property. The bill applies to taxable years commencing on or after January 1, 2021.