S06424 Summary:

BILL NOS06424B
 
SAME ASSAME AS A08320-B
 
SPONSORMARTINS
 
COSPNSRFARLEY, RITCHIE, VALESKY
 
MLTSPNSR
 
Amd S425, RPT L
 
Relates to real property tax exemptions for farm dwellings owned by a limited liability company.
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S06424 Actions:

BILL NOS06424B
 
01/22/2014REFERRED TO LOCAL GOVERNMENT
02/04/20141ST REPORT CAL.125
02/10/20142ND REPORT CAL.
02/11/2014ADVANCED TO THIRD READING
02/26/2014AMENDED ON THIRD READING 6424A
03/24/2014AMENDED ON THIRD READING 6424B
05/12/2014SUBSTITUTED BY A8320B
 A08320 AMEND=B Magnarelli
 12/18/2013referred to real property taxation
 01/08/2014referred to real property taxation
 02/04/2014amend and recommit to real property taxation
 02/04/2014print number 8320a
 03/18/2014reported referred to ways and means
 03/19/2014amend and recommit to ways and means
 03/19/2014print number 8320b
 04/28/2014reported
 05/01/2014advanced to third reading cal.610
 05/06/2014passed assembly
 05/06/2014delivered to senate
 05/06/2014REFERRED TO LOCAL GOVERNMENT
 05/12/2014SUBSTITUTED FOR S6424B
 05/12/20143RD READING CAL.125
 05/12/2014PASSED SENATE
 05/12/2014RETURNED TO ASSEMBLY
 11/10/2014delivered to governor
 11/21/2014vetoed memo.495
 11/21/2014tabled
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S06424 Floor Votes:

There are no votes for this bill in this legislative session.
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S06424 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         6424--B
            Cal. No. 125
 
                    IN SENATE
 
                                    January 22, 2014
                                       ___________
 
        Introduced  by Sens. MARTINS, FARLEY, RITCHIE, VALESKY -- read twice and
          ordered printed, and when printed to be committed to the Committee  on
          Local Government -- reported favorably from said committee, ordered to
          first  and  second  report,  ordered  to  a third reading, amended and
          ordered reprinted, retaining its place in the order of  third  reading

          --  again  amended  and  ordered reprinted, retaining its place in the
          order of third reading
 
        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    § 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.
                                                                   LBD13198-05-4
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