New York S08862 provides a tax credit for sales or rentals of agricultural assets to emerging farmers and requires certification by the commissioner.

New York S08862 introduces a tax credit for owners of agricultural assets who sell or rent to emerging farmers. The credit is calculated as the greater of five percent of the sale price, ten percent of the gross rental income for the first three years, or fifteen percent of the cash equivalent of the gross rental income for the first three years. The bill requires the commissioner of agriculture and markets to implement a certification plan for eligible taxpayers.

New York S08862 provides a tax credit for sales or rentals of agricultural assets to emerging farmers and requires certification by the commissioner.

New York S08862 introduces a tax credit for owners of agricultural assets who sell or rent to emerging farmers. The credit is calculated as the greater of five percent of the sale price, ten percent of the gross rental income for the first three years, or fifteen percent of the cash equivalent of the gross rental income for the first three years. The bill requires the commissioner of agriculture and markets to implement a certification plan for eligible taxpayers.