Bill Text: NY S03539 | 2015-2016 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2015-06-09 - SUBSTITUTED BY A1421 [S03539 Detail]

Download: New_York-2015-S03539-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3539
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                   February 12, 2015
                                      ___________
       Introduced by Sen. MARCHIONE -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations
       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, 2016.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03487-01-5