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STATE OF NEW YORK
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S. 3515                                                  A. 5642

2011-2012 Regular Sessions

S E N A T E - A S S E M B L Y

February 24, 2011
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IN  SENATE  -- Introduced by Sens. LAVALLE, HANNON, LARKIN, RANZENHOFER,
  SEWARD -- read twice and ordered  printed,  and  when  printed  to  be
  committed to the Committee on Investigations and Government Operations

IN  ASSEMBLY -- Introduced by M. of A. SWEENEY -- read once and referred
  to the Committee on Ways and Means

AN ACT to amend the tax law, in relation to providing a tax credit under
  article 9-A and article 22 thereof for donations of land, easements on
  land and other interests in real property for conservation purposes

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Section  210  of  the  tax law is amended by adding a new
subdivision 43 to read as follows:
  43. QUALIFIED NEW YORK CONSERVATION CONTRIBUTION CREDIT. (A)  GENERAL.
A  TAXPAYER  SHALL  BE  ALLOWED  A CREDIT, TO BE COMPUTED AS HEREINAFTER
PROVIDED, AGAINST THE TAX IMPOSED BY THIS  ARTICLE,  FOR  QUALIFIED  NEW
YORK CONSERVATION CONTRIBUTIONS MADE DURING THE TAXABLE YEAR.
  (B)  QUALIFIED NEW YORK CONSERVATION CONTRIBUTION. THE TERM "QUALIFIED
NEW YORK  CONSERVATION  CONTRIBUTION"  MEANS  A  QUALIFIED  CONSERVATION
CONTRIBUTION  WITHIN  THE  MEANING OF PARAGRAPH ONE OF SUBSECTION (H) OF
SECTION ONE HUNDRED SEVENTY OF THE INTERNAL REVENUE CODE, BUT ONLY  WITH
RESPECT  TO  A  QUALIFIED REAL PROPERTY INTEREST, AS DEFINED UNDER PARA-
GRAPH TWO OF SUCH SUBSECTION (H),  WHICH  IS  LOCATED  WITHIN  NEW  YORK
STATE.  PROVIDED,  FURTHER,  THAT A QUALIFIED REAL PROPERTY INTEREST, AS
DEFINED UNDER SUBPARAGRAPH (C) OF PARAGRAPH TWO OF SUCH SUBSECTION  (H),
MUST  ALSO MEET THE REQUIREMENTS OF TITLE THREE OF ARTICLE FORTY-NINE OF
THE ENVIRONMENTAL CONSERVATION LAW.
  (C) AMOUNT OF THE CREDIT. THE AMOUNT OF  THE  CREDIT  SHALL  BE  FIFTY
PERCENT  OF THE AMOUNT OF THE TAXPAYER'S QUALIFIED NEW YORK CONSERVATION
CONTRIBUTION WHICH QUALIFIES FOR THE  DEDUCTION  FOR  THE  TAXABLE  YEAR
UNDER  SUBSECTION  (A)  OF  SECTION  ONE HUNDRED SEVENTY OF THE INTERNAL

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02884-01-1
S. 3515                             2                            A. 5642

REVENUE CODE (WITHOUT REGARD TO WHETHER THE TAXPAYER IN FACT CLAIMED THE
DEDUCTION UNDER SUCH SUBSECTION (A) OF SECTION ONE HUNDRED  SEVENTY  FOR
THE TAXABLE YEAR), SUCH DEDUCTION TO BE DETERMINED WITHOUT REGARD TO THE
LIMITATIONS  SET  FORTH  IN  SUBSECTION  (B) OF SUCH SECTION ONE HUNDRED
SEVENTY. THE CREDIT ALLOWED TO A TAXPAYER UNDER THIS  SUBDIVISION  SHALL
NOT  EXCEED TWO HUNDRED FIFTY THOUSAND DOLLARS WITH RESPECT TO ANY TAXA-
BLE YEAR.
  (D) CARRYOVERS. IN NO EVENT SHALL THE CREDIT UNDER THIS SUBDIVISION BE
ALLOWED IN AN AMOUNT WHICH WILL REDUCE THE TAX PAYABLE TO LESS THAN  THE
HIGHER  OF  THE AMOUNTS PRESCRIBED IN PARAGRAPHS (C) AND (D) OF SUBDIVI-
SION ONE OF THIS SECTION. PROVIDED, HOWEVER, THAT IF THE AMOUNT OF CRED-
IT ALLOWABLE UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR REDUCES THE TAX
TO SUCH AMOUNT, ANY AMOUNT OF CREDIT NOT DEDUCTED  FROM  THE  TAXPAYER'S
TAX  FOR  SUCH  YEAR  MAY  BE CARRIED OVER TO THE TEN TAXABLE YEARS NEXT
FOLLOWING SUCH TAXABLE YEAR AND MAY BE DEDUCTED FROM THE TAXPAYER'S  TAX
FOR SUCH YEAR OR YEARS.
  S  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
of the tax law is amended by adding a new  clause  (xxxii)  to  read  as
follows:
(XXXII) QUALIFIED NEW YORK           AMOUNT OF QUALIFIED
CONSERVATION CONTRIBUTION            CONSERVATION CONTRIBUTION UNDER
CREDIT UNDER SUBSECTION (SS)         SUBDIVISION FORTY-THREE OF
                                     SECTION TWO HUNDRED TEN
  S  3. Section 606 of the tax law is amended by adding a new subsection
(ss) to read as follows:
  (SS) QUALIFIED NEW YORK CONSERVATION CONTRIBUTION CREDIT.  (1)  GENER-
AL.  A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS HEREINAFTER
PROVIDED,  AGAINST  THE  TAX  IMPOSED BY THIS ARTICLE, FOR QUALIFIED NEW
YORK CONSERVATION CONTRIBUTIONS MADE DURING THE TAXABLE YEAR.
  (2) QUALIFIED NEW YORK CONSERVATION CONTRIBUTION. THE TERM  "QUALIFIED
NEW  YORK  CONSERVATION  CONTRIBUTION"  MEANS  A  QUALIFIED CONSERVATION
CONTRIBUTION WITHIN THE MEANING OF PARAGRAPH ONE OF  SUBSECTION  (H)  OF
SECTION  ONE HUNDRED SEVENTY OF THE INTERNAL REVENUE CODE, BUT ONLY WITH
RESPECT TO A QUALIFIED REAL PROPERTY INTEREST, AS  DEFINED  UNDER  PARA-
GRAPH  TWO  OF  SUCH  SUBSECTION  (H),  WHICH IS LOCATED WITHIN NEW YORK
STATE. PROVIDED, FURTHER, THAT A QUALIFIED REAL  PROPERTY  INTEREST,  AS
DEFINED  UNDER SUBPARAGRAPH (C) OF PARAGRAPH TWO OF SUCH SUBSECTION (H),
MUST ALSO MEET THE REQUIREMENTS OF TITLE THREE OF ARTICLE FORTY-NINE  OF
THE ENVIRONMENTAL CONSERVATION LAW.
  (3)  AMOUNT  OF  THE  CREDIT.  THE AMOUNT OF THE CREDIT SHALL BE FIFTY
PERCENT OF THE AMOUNT OF THE TAXPAYER'S QUALIFIED NEW YORK  CONSERVATION
CONTRIBUTION  WHICH  QUALIFIES  FOR  THE  DEDUCTION FOR THE TAXABLE YEAR
UNDER SUBSECTION (A) OF SECTION ONE  HUNDRED  SEVENTY  OF  THE  INTERNAL
REVENUE CODE (WITHOUT REGARD TO WHETHER THE TAXPAYER IN FACT CLAIMED THE
DEDUCTION  UNDER  SUCH SUBSECTION (A) OF SECTION ONE HUNDRED SEVENTY FOR
THE TAXABLE YEAR), SUCH DEDUCTION TO BE DETERMINED WITHOUT REGARD TO THE
LIMITATIONS SET FORTH IN SUBSECTION (B)  OF  SUCH  SECTION  ONE  HUNDRED
SEVENTY.  THE  CREDIT  ALLOWED TO A TAXPAYER UNDER THIS SUBSECTION SHALL
NOT EXCEED TWO HUNDRED FIFTY THOUSAND DOLLARS WITH RESPECT TO ANY  TAXA-
BLE YEAR.
  (4)  CARRYOVERS. IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS SUBSECTION
FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR,  THE
EXCESS  MAY BE CARRIED OVER TO THE TEN TAXABLE YEARS NEXT FOLLOWING SUCH
TAXABLE YEAR AND MAY BE DEDUCTED FROM THE TAXPAYER'S TAX FOR  SUCH  YEAR
OR YEARS.
S. 3515                             3                            A. 5642

  (5) HUSBAND AND WIFE. IN THE CASE OF A HUSBAND AND WIFE, THE AMOUNT OF
THE CREDIT SHALL BE DIVIDED BETWEEN THEM EQUALLY OR IN SUCH OTHER MANNER
AS THEY MAY BOTH ELECT.
  S 4. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2011.