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, 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 member, shareholder, or beneficiary of the entity may be entitled to the credit. If the credit exceeds the taxpayers tax for the year, the excess credit will be refunded, without interest. For more information concerning this credit, you may request a copy of Publication 51, Questions and Answers on New York States Farmers School Tax Credit, and Publication 51.1, Update to Publication 51 Questions and Answers on New York States Farmers School Tax Credit.

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