New York A10130 provides a tax credit for sales or rentals of agricultural assets to emerging farmers.

New York A10130 amends the tax law to introduce a tax credit for sales or rentals of agricultural assets to emerging farmers. The bill defines "agricultural assets" as agricultural land, livestock, facilities, buildings, or machinery used for farming. The credit is equal to five percent of the sale price or ten percent of the gross rental income for the first three years. The commissioner of agriculture and markets must certify the rental agreements as fair and at market value. The credit can only be claimed after approval and certification by the commissioner.

New York A10130 provides a tax credit for sales or rentals of agricultural assets to emerging farmers.

New York A10130 amends the tax law to introduce a tax credit for sales or rentals of agricultural assets to emerging farmers. The bill defines "agricultural assets" as agricultural land, livestock, facilities, buildings, or machinery used for farming. The credit is equal to five percent of the sale price or ten percent of the gross rental income for the first three years. The commissioner of agriculture and markets must certify the rental agreements as fair and at market value. The credit can only be claimed after approval and certification by the commissioner.