Bill > S01630

This bill extends the agricultural property tax credit eligibility to farmers who have a leasehold interest of at least five continuous years in qualified agricultural property. Currently, the tax credit is available to farmers who own agricultural land or have a land contract, but this bill adds farmers with long-term leases to the list of eligible recipients. To qualify, farmers must still meet existing income requirements, specifically earning at least two-thirds of their total federal gross income from farming activities. The bill defines "excess federal gross income" as the amount of federal gross income above $30,000 and includes payments from the state's farmland protection program as part of farming income. The changes will apply to taxable years beginning on or after January 1, 2027, and aim to provide tax relief and support for farmers who lease agricultural land for an extended period. By broadening the definition of eligible farmers, the bill seeks to provide more financial flexibility and support for agricultural businesses that may not own their land outright.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S1630