New York Farmers School Tax Credit
New York Farmers School Tax Credit
An individual or an estate or trust engaged in the business of farming may be entitled to an income tax credit for the amount of eligible school district property taxes paid on qualified agricultural property. In addition, if a partnership (including a limited liability company treated as a partnership), a New York S corporation, a New York C corporation that has a special gross income from farming election on Form CT-47.1, Election or Termination of Election to Deem Income for Purposes of the Farmers’ School Tax Credit, or an estate or trust is engaged in the business of farming or owns qualified agricultural property, an individual or an estate or trust that is a partner, member, shareholder, or beneficiary of the entity may be entitled to the credit. If the credit exceeds the taxpayer’s tax for the year, the excess credit will be refunded, without interest. For more information, see Publication 51, Questions and Answers on New York State’s Farmers’ School Tax Credit, and Publication 51.1, Update to Publication 51, available on the Tax Department’s website at www.tax.ny.gov.
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