Bill > A02295

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. Currently, the agricultural property tax credit is available to farmers who own agricultural land or have a land contract, but this bill broadens the definition to include long-term agricultural land lessees. To qualify, farmers must still meet the existing income requirement of earning at least two-thirds of their federal gross income from farming activities, with "excess federal gross income" defined as income above $30,000. The bill modifies sections of the tax law related to both corporate and individual taxpayers, ensuring that farmers who lease land for an extended period can now receive the same property tax credit as landowners. This change aims to provide financial support to farmers who may not own land but are committed to agricultural production through long-term leasing arrangements. The bill will take effect for taxable years beginning on or after January 1, 2027, giving farmers and tax authorities time to prepare for the new eligibility criteria.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A2295