Bill S3539-2015

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

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

Details

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  • Feb 12, 2015: REFERRED TO LOCAL GOVERNMENT

Memo

BILL NUMBER:S3539

TITLE OF BILL: An act to amend the real property tax law, in relation to a real property tax exemption for farm dwellings owned by a limited liability company

PURPOSE:

This bill extends the STAR exemption to farm dwellings that are owned by a limited liability company.

SUMMARY OF PROVISIONS:

Section 1: Amends paragraph (d) of subdivision 3 of section 425 of the Real Property Tax Law to extend the STAR exemption to farm dwellings owned by an LLC, so long as the property serves as the primary residence of one or more of the owners.

Section 2: Establishes the effective date.

JUSTIFICATION:

The STAR exemption was created to give homeowners across the State relief from school taxes. This exemption has been expanded over the years to cover the homes of farmers where the home was owned by a corporation or a partnership. This legislation will extend the exemption to cover homes owned by a limited liability company, and will ensure that farmers who chose to form an LLC will still be able to receive a STAR exemption on their primary residence.

LEGISLATIVE HISTORY:

S.6424-B / A.8320 Passed Senate and Assembly; Vetoed

FISCAL IMPLICATIONS:

To be determined.

EFFECTIVE DATE:

This act shall take effect January 1, 2016.


Text

STATE OF NEW YORK ________________________________________________________________________ 3539 2015-2016 Regular Sessions IN SENATE February 12, 2015 ___________
Introduced by Sen. MARCHIONE -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government 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.

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