Bill > A02040

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 own the property or have a land contract. The bill amends the tax law to include these leasehold farmers as "eligible farmers" who can claim the credit for the school district property taxes paid on the qualified agricultural property, subject to the acreage and income limitations. The bill will apply to taxable years starting on or after January 1, 2025.