From Assemblyman Bill Magee's office:
Assemblyman Bill Magee, D-Nelson, announced that legislation he
sponsored to ensure more farms are eligible for critical property tax
relief has passed both the Assembly and the Senate.
allows family members who operate farms held in trust to qualify for the
Farmers’ School Tax Credit – a refundable credit for farming businesses
that have paid school district property taxes (A.4650).
“It’s important that we help farms transition from one generation to
the next,” Magee said. “Those who have been farming for decades have
knowledge that has been handed down and is almost impossible to replace.
We can help new farmers take the helm and continue their family’s
legacy by cutting red tape to ensure they get the tax relief they need
As chair of the Assembly Committee on Agriculture,
Magee is a strong advocate for farmers, and fights to ensure that family
farms can continue to thrive. He recognizes that trusts have become
more common over the past several years as more families use them to
transfer their farms to the next generation.
Currently, there are more than
400 farms in New York State classified as “cooperative, estate or trust,
institutional” and a significant number of those are trusts.
However, a technicality in current law allows family members who intend
to purchase the land to be eligible for the Farmers’ School Tax Credit,
while those who will inherit through a trust are not. Magee’s
legislation corrects that oversight and allows new farmers to claim the
The legislation has passed both houses and awaits the governor’s
signature to become law.