Bill > S05920

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 existing eligibility for farmers who own the property or have a land contract. The bill amends the Tax Law to include these leaseholders as "eligible farmers" who can claim the credit for the school district property taxes paid on the qualified agricultural land. The bill also makes technical amendments to the existing law and specifies an effective date of January 1, 2025.