The State Legislature has renewed the 10-year real property tax exemption for new farm construction that was set to expire at the end of this year.
New York Farm Bureau spokesman Steve Ammerman tells Finger Lakes News Radio the legislation is essential in encouraging new farm investment and growing family farm businesses.
The Senate approved the bill Monday by a vote of 61-0 after the Assembly passed it last month with wide bipartisan support.
Ammerman says the tax savings is especially important in light of today’s tough agricultural economy. The bill now goes to Governor Cuomo for his signature.