(June 2015) Assemblyman Bill Magee (D-Nelson) sponsored legislation that would provide tax relief, in the form of the STAR exemption, to farmers that created a limited liability company (LLC) so long as the property is the primary residence of one of the owners (A.1421).
“Our hardworking farmers deserve all the assistance and resources we can provide so that they can grow and thrive,” said Magee. “This legislation will help ensure they don’t lose out on much-needed tax relief because of a simple technicality.”
The School Tax Relief (STAR) exemption was created to provide partial exemptions from school taxes for most owner-occupied primary residences. Originally created in 1997, over the years the program has been expanded to include corporations, partnerships and limited partnerships. By modifying the language to include limited liability companies, this bill would further expand eligibility requirements and support New York State farmers, noted Magee.
Magee is the chair of the agriculture committee and has worked to bring to the forefront issues affecting farmers and the agriculture industry of the state. By supporting legislation that reduces the tax burden on farmers, Magee is continuing his commitment to protect the interests of New York State farmers.