Keep Tax Credit in the Family
Legislation preserves tax credit for family farms
Assemblywoman Aileen Gunther (D-Forestburgh) announced the Assembly and Senate have passed legislation she authored to ensure family farms can receive a school property tax credit while the operation of the farm is changing hands from one generation to the next (A.395).
"Families shouldn’t be penalized for keeping a working farm operating through the generations," Gunther said. "We must do everything we can to protect family farms in New York. My legislation will allow farmers who are in the process of transferring their farm to a younger family member to enjoy the same tax relief benefit."
Gunther’s bill would close a loophole in the 1996 Agricultural School Property Tax Relief credit that prevented some families from claiming the credit when one family member owned the farm and another operated it, though at least two-thirds of their income came from operating the farm.
"Farms help make up the backbone of New York’s economy. They put food on our tables, preserve the land and provide a livelihood for thousands," Gunther said. "I strongly urge the governor to enact this legislation and help New York’s farming families keep up the tradition."