Senate Approves Larkin Bill To Give Tax Breaks To Farmers

The New York State Senate today approved legislation (S.236) sponsored by Senator Bill Larkin (R-C, Cornwall-on-Hudson) to extend the eligibility of the Farmer's School Tax Credit program to include agricultural lands that a farmer leases for at least a five-year period.

"Under current law, farmers must either own or possess real property under a land contract before they are eligible for the farmers’ income tax credit on their school property taxes," explained Senator Larkin. "But the Farmer's Income Tax Credit Program should recognize that farmers have been paying school taxes on land that they lease as well. This bill will give the state’s hard working farmers a much needed tax break so they can stay in business and continue farming . Ultimately, it will help preserve agricultural land especially in areas like the Hudson Valley."

The bill was sent to the Assembly.