Bill > S08224

This bill extends eligibility for the agricultural property tax credit to farmers having a leasehold interest of not fewer than five continuous years in qualified agricultural property. The bill amends the Tax Law to include these farmers with long-term leases in the definition of "eligible farmer" who can claim the property tax credit. This change provides tax relief to farmers who lease their land rather than owning it outright, as long as they have held the lease for at least five years. The bill takes effect immediately and applies to taxable years starting on or after January 1, 2023.