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A08320 Summary:

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A08320 Floor Votes:

A08320 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         8320--B
 
                               2013-2014 Regular Sessions
 
                   IN ASSEMBLY
 
                                    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    § 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