Bill Text: NY A08320 | 2013-2014 | General Assembly | Amended

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

Spectrum: Partisan Bill (Democrat 16-0)

Status: (Vetoed) 2014-11-21 - tabled [A08320 Detail]

Download: New_York-2013-A08320-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        8320--B
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                   December 18, 2013
                                      ___________
       Introduced by M. of A. MAGNARELLI, McDONALD, 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 -- recommitted to
         the Committee on Real Property Taxation in  accordance  with  Assembly
         Rule  3,  sec.  2  --  committee  discharged,  bill  amended,  ordered
         reprinted as amended and recommitted to said committee -- reported and
         referred to the Committee on Ways and Means --  committee  discharged,
         bill  amended,  ordered  reprinted  as amended and recommitted to said
         committee
       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:
    1    Section 1. Paragraph (d) of subdivision 3 of section 425 of  the  real
    2  property  tax  law,  as  added  by  chapter  443 of the laws of 2003, is
    3  amended to read as follows:
    4    (d) Farm dwellings not owned by the resident. (i) If  legal  title  to
    5  the farm dwelling is held by an S-corporation or by a C-corporation, the
    6  exemption  shall  be granted if the property serves as the primary resi-
    7  dence of a shareholder of such corporation.
    8    (ii) If the legal title to the farm dwelling is held by a partnership,
    9  the exemption shall be granted if the property  serves  as  the  primary
   10  residence of one or more of the partners.
   11    (iii)  IF  THE  LEGAL  TITLE TO THE FARM DWELLING IS HELD BY A LIMITED
   12  LIABILITY COMPANY, THE EXEMPTION SHALL BE GRANTED IF THE PROPERTY SERVES
   13  AS THE PRIMARY RESIDENCE OF ONE OR MORE OF THE OWNERS.
   14    (IV) Any information deemed necessary to establish  shareholder  [or],
   15  partner  OR  OWNER  status  for eligibility purposes shall be considered
   16  confidential and exempt from the freedom of information law.
   17    S 2. This act shall take effect January 1, 2015.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13198-04-4