Establishes a farm savings account program for qualified farmers in New York.

New York Assembly Bill A01947 proposes a farm savings account program for qualified farmers. Contributions to these accounts are limited to cash and cannot exceed the farmer's total income from farming in a given year. The accounts are exempt from tax unless they cease to meet the program's requirements. Upon the account beneficiary's death, if the beneficiary's spouse is the designated beneficiary, the account continues as if the spouse were the beneficiary. Otherwise, the account ceases to be a farm savings account, and the assets are included in the beneficiary's gross income.

Establishes a farm savings account program for qualified farmers in New York.

New York Assembly Bill A01947 proposes a farm savings account program for qualified farmers. Contributions to these accounts are limited to cash and cannot exceed the farmer's total income from farming in a given year. The accounts are exempt from tax unless they cease to meet the program's requirements. Upon the account beneficiary's death, if the beneficiary's spouse is the designated beneficiary, the account continues as if the spouse were the beneficiary. Otherwise, the account ceases to be a farm savings account, and the assets are included in the beneficiary's gross income.