Assembly Bill A1421

Signed By Governor
2015-2016 Legislative Session

Relates to real property tax exemptions for farm dwellings owned by a limited liability company

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2015-A1421 (ACTIVE) - Details

See Senate Version of this Bill:
S3539
Law Section:
Real Property Tax Law
Laws Affected:
Amd ยง425, RPT L
Versions Introduced in 2013-2014 Legislative Session:
A8320, S6424

2015-A1421 (ACTIVE) - Summary

Relates to real property tax exemptions for farm dwellings owned by a limited liability company.

2015-A1421 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  1421

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 12, 2015
                               ___________

Introduced  by  M. of A. MAGNARELLI, LIFTON, ZEBROWSKI, GUNTHER, OTIS --
  Multi-Sponsored by -- M. of A. ABBATE, COOK, CRESPO,  GLICK,  LUPARDO,
  MAGEE, MOSLEY, RIVERA, SIMANOWITZ, TITONE -- read once and referred to
  the Committee on Real Property Taxation

AN ACT to amend the real property tax law, in relation to a real proper-
  ty  tax  exemption  for  farm  dwellings  owned by a limited liability
  company

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Paragraph (d) of subdivision 3 of section 425 of the real
property tax law, as added by chapter  443  of  the  laws  of  2003,  is
amended to read as follows:
  (d)  Farm  dwellings  not owned by the resident. (i) If legal title to
the farm dwelling is held by an S-corporation or by a C-corporation, the
exemption shall be granted if the property serves as the  primary  resi-
dence of a shareholder of such corporation.
  (ii) If the legal title to the farm dwelling is held by a partnership,
the  exemption  shall  be  granted if the property serves as the primary
residence of one or more of the partners.
  (iii) IF THE LEGAL TITLE TO THE FARM DWELLING IS  HELD  BY  A  LIMITED
LIABILITY COMPANY, THE EXEMPTION SHALL BE GRANTED IF THE PROPERTY SERVES
AS THE PRIMARY RESIDENCE OF ONE OR MORE OF THE OWNERS.
  (IV)  Any  information deemed necessary to establish shareholder [or],
partner OR OWNER status for eligibility  purposes  shall  be  considered
confidential and exempt from the freedom of information law.
  S 2. This act shall take effect January 1, 2016.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03487-01-5

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