Extends eligibility for the agricultural property tax credit to farmers with a leasehold interest of at least five years.

New York A02295 amends the tax law to extend eligibility for the agricultural property tax credit to farmers who have a leasehold interest of not fewer than five continuous years in qualified agricultural property. This credit applies to allowable school district property taxes on such property, subject to certain acreage and income limitations. The bill also defines "eligible farmer" to include those with a leasehold interest in qualified agricultural land, provided their federal gross income from farming meets specific criteria.

Extends eligibility for the agricultural property tax credit to farmers with a leasehold interest of at least five years.

New York A02295 amends the tax law to extend eligibility for the agricultural property tax credit to farmers who have a leasehold interest of not fewer than five continuous years in qualified agricultural property. This credit applies to allowable school district property taxes on such property, subject to certain acreage and income limitations. The bill also defines "eligible farmer" to include those with a leasehold interest in qualified agricultural land, provided their federal gross income from farming meets specific criteria.