Bill > A10130

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 seeking to enter or recently entered farming within the last ten years, intending to farm in the state, and not closely related to the asset owner. Agricultural assets include land, livestock, facilities, buildings, or machinery used for farming, which is the active use and management of property for producing farm products. Owners of agricultural assets must have derived at least 50% of their gross income from farming for five of the last fifteen years and provided the majority of day-to-day labor and management for a farm during that same period. The tax credit is calculated as 5% of the sale price of agricultural assets or 10-15% of the gross rental income for the first three years of a rental agreement, provided the rental is at prevailing community rates and certified by the Commissioner of Agriculture and Markets. The Commissioner of Agriculture and Markets is tasked with creating a program to certify eligible taxpayers, establishing rules for certification, 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.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A10130