Makes technical corrections to the conservation easement tax credit.

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S4088A-2011 Actions

• Jun 6, 2012: referred to ways and means
• Jun 6, 2012: DELIVERED TO ASSEMBLY
• Jun 6, 2012: PASSED SENATE
• May 7, 2012: ADVANCED TO THIRD READING
• May 2, 2012: 2ND REPORT CAL.
• May 1, 2012: 1ST REPORT CAL.669
• Apr 18, 2012: REPORTED AND COMMITTED TO FINANCE
• Jan 25, 2012: PRINT NUMBER 4088A
• Jan 25, 2012: AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
• Jan 4, 2012: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
• Jun 2, 2011: REPORTED AND COMMITTED TO FINANCE
• Mar 17, 2011: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

S4088A-2011 Meetings

Finance: May 1, 2012, Investigations and Government Operations: Apr 18, 2012

S4088A-2011 Calendars

Active List: Jun 6, 2012 , Floor Calendar: May 2, 2012 , Floor Calendar: May 7, 2012 , Floor Calendar: May 8, 2012 , Floor Calendar: May 9, 2012 , Floor Calendar: May 14, 2012 , Floor Calendar: May 15, 2012 , Floor Calendar: May 16, 2012 , Floor Calendar: May 21, 2012 , Floor Calendar: May 22, 2012 , Floor Calendar: May 23, 2012 , Floor Calendar: May 30, 2012 , Floor Calendar: May 31, 2012 , Floor Calendar: Jun 4, 2012 , Floor Calendar: Jun 5, 2012 , Floor Calendar: Jun 6, 2012

S4088A-2011 Votes

S4088A-2011 Memo

BILL NUMBER:S4088A

TITLE OF BILL:
An act
to amend the tax law, in relation to making technical corrections to the
conservation easement tax credit

PURPOSE:
To make a technical correction to paragraph 1 of subsection
(kk) of section 606 of the tax law, as added by section 1 of Part F
of Chapter 62 of the laws of 2006.

SUMMARY OF PROVISIONS:
Section 1 and 2 make technical corrections to
Chapter 62 of the laws of 2006 to allow the tax credit to be applied
to all classifications of land subject to the easement.

JUSTIFICATION:
An income tax credit for real property taxes paid on
land under a conservation easement will help landowners bear the
annual carrying costs of land that provides multiple public benefits.
This income tax credit will have a large impact on those landowners
who have modest incomes and are unlikely to benefit significantly
from existing tax deductions.
An income tax credit will provide them with an incentive to make a
gift to perpetually conserved land that they otherwise could not
afford to make.

LEGISLATIVE HISTORY:
2007-08: S.4368-A,
2008:    Governor's Veto
9.
2009-10: S.866, Referred to Investigations & Governmental Operations

FISCAL IMPLICATIONS:
Minimal.

EFFECTIVE DATE:
This act shall take effect immediately and shall be
made applicable to taxable years commencing on and after January 1,
2012 and thereafter.

S4088A-2011 Text

                      S T A T E   O F   N E W   Y O R K
  ________________________________________________________________________

                                   4088--A

                         2011-2012 Regular Sessions

                              I N  SENATE

                               March 17, 2011
                                 ___________

  Introduced  by  Sen.  MARCELLINO  -- read twice and ordered printed, and
    when printed to be committed to the Committee  on  Investigations  and
    Government  Operations  --  recommitted  to  the Committee on Investi-
    gations and Government Operations in accordance with  Senate  Rule  6,
    sec.  8  --  committee  discharged, bill amended, ordered reprinted as
    amended and recommitted to said committee

  AN ACT to amend the tax law, in relation to making technical corrections
    to the conservation easement tax credit

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


    Section  1.  Paragraph  1 of subsection (kk) of section 606 of the tax
  law, as added by section 1 of part F of chapter 62 of the laws of  2006,
  is amended to read as follows:

    (1)  Credit  allowed.  In the case of a taxpayer who owns land that is
  subject to a conservation easement held by a public or private conserva-
  tion agency, there shall be allowed a credit for twenty-five percent  of
  the  [allowable  school  district,  county and town] real property taxes
  PAID on [such] THE  land,  OR  PORTION  OF  THE  LAND,  SUBJECT  TO  THE
  EASEMENT.  In no event shall the credit allowed under this subsection in
  combination with any other credit for [such school district, county  and
  town] real property taxes under this section exceed such taxes.
    S 2. Subdivision 38 of section 210 of the tax law, as added by section
  3 of part F of chapter 62 of the laws of 2006, is renumbered subdivision
  45 and is amended to read as follows:

    45.  Conservation easement tax credit. (1) Credit allowed. In the case
  of a taxpayer who owns land that is subject to a  conservation  easement
  held  by a public or private conservation agency, there shall be allowed
  a credit for twenty-five percent  of  the  [allowable  school  district,
  county and town] real property taxes PAID on [such] THE land, OR PORTION
  OF  THE  LAND, SUBJECT TO THE EASEMENT. In no such case shall the credit
  allowed under this subdivision in combination with any other credit  for

   EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                        [ ] is old law to be omitted.
                                                             LBD02983-02-2

 S. 4088--A                          2

  [such  school  district, county and town] real property taxes under this
  section exceed such taxes.
    (2)  Conservation easement. For purposes of this subdivision, the term
  "conservation easement" means a  perpetual  and  permanent  conservation
  easement as defined in article forty-nine of the environmental conserva-
  tion  law  that serves to protect open space, scenic, natural resources,
  biodiversity,  agricultural,  watershed  and/or  historic   preservation
  resources.  Any  conservation easement for which a tax credit is claimed
  under this subdivision shall be filed with the  department  of  environ-
  mental  conservation, as provided for in article forty-nine of the envi-
  ronmental conservation law and such conservation easement  shall  comply
  with  the  provisions of title three of such article, and the provisions
  of subdivision (h) of section 170 of the internal  revenue  code.  Dedi-
  cations  of  land  for  open space through the execution of conservation
  easements for the purpose of fulfilling density requirements  to  obtain
  subdivision  or  building permits shall not be considered a conservation
  easement under this subdivision.
    (3) Land. For purposes of this subdivision, the term  "land"  means  a
  fee simple title to real property located in this state, with or without
  improvements  thereon;  rights  of way; water and riparian rights; ease-
  ments; privileges and all other rights  or  interests  of  any  land  or
  description  in,  relating to or connected with real property, excluding
  buildings, structures, or improvements.
    (4) Public or private conservation agency. For purposes of this subdi-
  vision, the term "public  or  private  conservation  agency"  means  any
  state,  local, or federal governmental body; or any private not-for-pro-
  fit charitable corporation or trust which is authorized to  do  business
  in  the state of New York, is organized and operated to protect land for
  natural resources, conservation or historic  preservation  purposes,  is
  exempt  from  federal  income  taxation  under  section 501(c)(3) of the
  internal revenue code, and has the power to acquire, hold  and  maintain
  land and/or interests in land for such purposes.
    (5) Credit limitation. The amount of the credit that may be claimed by
  a  taxpayer  pursuant  to this subsection shall not exceed five thousand
  dollars in any given year.
    (6) Application of the credit. The credit allowed under this  subdivi-
  sion  for any taxable year shall not reduce the tax due for such year to
  less than the higher of the amounts prescribed in paragraphs (c) and (d)
  of subdivision one of this section. However, if the amount of the credit
  allowed under this subdivision for any taxable year reduces the  tax  to
  such  amount, any amount of the credit thus not deductible in such taxa-
  ble year shall be treated as an overpayment of tax  to  be  credited  or
  refunded  in accordance with the provisions of subsection (c) of section
  [ten hundred] ONE THOUSAND eighty-eight of this chapter, except that, no
  interest shall be paid thereon.
    S 3. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
  of  the  tax  law is amended by adding a new clause (xxxiv-a) to read as
  follows:


  (XXXIV-A) CONSERVATION EASEMENT      AMOUNT OF CREDIT UNDER
  TAX CREDIT UNDER SUBSECTION (KK)     SUBDIVISION FORTY-FIVE OF
                                       SECTION TWO HUNDRED TEN
    S 4. This act shall take effect immediately and shall be made applica-
  ble to taxable years commencing on and after January 1, 2012 and  there-
  after.