Extends eligibility for the agricultural property tax credit to farmers with a five-year leasehold interest in qualified agricultural property.

This bill 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. The credit is available to eligible farmers who have paid school district property taxes on the leased land. The bill also specifies that the term "eligible farmer" includes a corporation other than the taxpayer of record for qualified agricultural land that has paid the school district property taxes or has a leasehold interest of not fewer than five continuous years as a lessee of such.

Extends eligibility for the agricultural property tax credit to farmers with a five-year leasehold interest in qualified agricultural property.

This bill 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. The credit is available to eligible farmers who have paid school district property taxes on the leased land. The bill also specifies that the term "eligible farmer" includes a corporation other than the taxpayer of record for qualified agricultural land that has paid the school district property taxes or has a leasehold interest of not fewer than five continuous years as a lessee of such.