Bill > S08862

This bill, known as the "New York emerging farmer tax credit act," establishes a tax credit for owners of agricultural assets who sell or rent these assets to emerging farmers, who are defined as New York residents new to farming or within the last ten years, intending to farm in New York, and not closely related to the asset owner. Agricultural assets include land, livestock, facilities, buildings, or machinery used for farming, and the credit is calculated as a percentage of the sale price or rental income, with specific provisions for rental agreements that share production costs or risks. The Commissioner of Agriculture and Markets is tasked with creating a program to certify eligible taxpayers, ensuring rental agreements are at prevailing community rates, and notifying the Commissioner of Taxation and Finance of approved and terminated certifications. This act takes effect immediately and applies to taxable years beginning on or after January 1, 2028.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S8862