Bill Text: NY A06928 | 2015-2016 | General Assembly | Introduced
Bill Title: Establishes a credit against income tax for certain donations of real property donated for public beach access or use, public waters or trails, fish and wildlife conservation or other similar land conservation purposes; establishes the real property donation credit transitory fund; provides that monies in such fund shall be used for land conservation purposes.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Introduced - Dead) 2016-01-06 - referred to ways and means [A06928 Detail]
Download: New_York-2015-A06928-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 6928 2015-2016 Regular Sessions I N A S S E M B L Y April 10, 2015 ___________ Introduced by M. of A. THIELE -- Multi-Sponsored by -- M. of A. CROUCH, GIGLIO -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, the state finance law and the environmental conservation law, in relation to establishing a credit against income tax for certain real property donations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. The tax law is amended by adding a new section 171-w to 2 read as follows: 3 S 171-W. CREDIT FOR CERTAIN REAL PROPERTY DONATIONS VERIFICATION. THE 4 DEPARTMENT SHALL VERIFY THE AMOUNT OF TAX CREDITS TAKEN EACH FISCAL YEAR 5 WHICH WERE ALLOWED PURSUANT TO SUBDIVISION FORTY-NINE OF SECTION TWO 6 HUNDRED TEN-B OR SUBSECTION (CCC) OF SECTION SIX HUNDRED SIX OF THIS 7 CHAPTER. UPON SUCH VERIFICATION, THE COMMISSIONER SHALL TRANSFER SUCH 8 AMOUNT FROM THE REAL PROPERTY DONATION CREDIT TRANSITORY FUND AS DEFINED 9 IN SECTION NINETY-NINE-W OF THE STATE FINANCE LAW TO THE CREDIT OF THE 10 GENERAL FUND. 11 S 2. Section 210-B of the tax law is amended by adding a new subdivi- 12 sion 49 to read as follows: 13 49. CREDIT FOR CERTAIN REAL PROPERTY DONATIONS. (A) ANY CORPORATION 14 THAT MAKES A QUALIFIED DONATION OF INTEREST IN REAL PROPERTY LOCATED IN 15 NEW YORK DURING THE TAXABLE YEAR THAT IS USEFUL FOR PUBLIC BEACH ACCESS 16 OR USE, PUBLIC ACCESS TO PUBLIC WATERS OR TRAILS, FISH AND WILDLIFE 17 CONSERVATION, OR OTHER SIMILAR LAND CONSERVATION PURPOSES, AS DETERMINED 18 BY THE COMMISSIONER OF ENVIRONMENTAL CONSERVATION OR THE COMMISSIONER OF 19 THE OFFICE OF PARKS, RECREATION AND HISTORIC PRESERVATION, SHALL BE 20 ALLOWED A CREDIT AGAINST THE TAXES IMPOSED BY THIS ARTICLE EQUAL TO 21 TWENTY-FIVE PERCENT OF THE FAIR MARKET VALUE OF THE DONATED PROPERTY 22 INTEREST. TO BE ELIGIBLE FOR SUCH CREDIT, THE INTEREST IN REAL PROPERTY 23 SHALL BE DONATED TO THE STATE AND APPROVED BY THE COMMISSIONER OF ENVI- 24 RONMENTAL CONSERVATION OR THE COMMISSIONER OF THE OFFICE OF PARKS, EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10351-01-5 A. 6928 2 1 RECREATION AND HISTORIC PRESERVATION, AS SET FORTH IN SECTION 56-0307 OF 2 THE ENVIRONMENTAL CONSERVATION LAW OR SECTION NINETY-TWO-S OF THE STATE 3 FINANCE LAW, AS A DONATION QUALIFIED FOR A CREDIT UNDER THIS SECTION. 4 THE CREDIT ALLOWED UNDER THIS SECTION SHALL NOT EXCEED TWO HUNDRED FIFTY 5 THOUSAND DOLLARS FOR ANY FOUR CONSECUTIVE TAX YEARS. 6 (B) THE CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR 7 SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE HIGHER OF 8 THE AMOUNTS PRESCRIBED IN PARAGRAPH (D) OF SUBDIVISION ONE OF SECTION 9 TWO HUNDRED TEN. HOWEVER, IF THE AMOUNT OF CREDIT ALLOWABLE UNDER THIS 10 SUBDIVISION FOR ANY TAXABLE YEAR REDUCES THE TAX TO SUCH AMOUNT, ANY 11 AMOUNT OF CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR MAY BE CARRIED OVER 12 TO THE FIFTEEN TAXABLE YEARS NEXT FOLLOWING SUCH TAXABLE YEAR AND MAY BE 13 DEDUCTED FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS. 14 S 3. Section 606 of the tax law is amended by adding a new subsection 15 (ccc) to read as follows: 16 (CCC) CREDIT FOR CERTAIN REAL PROPERTY DONATIONS. (1) A TAXPAYER THAT 17 MAKES A QUALIFIED DONATION OF INTEREST IN REAL PROPERTY LOCATED IN NEW 18 YORK DURING THE TAXABLE YEAR THAT IS USEFUL FOR PUBLIC BEACH ACCESS OR 19 USE, PUBLIC ACCESS TO PUBLIC WATERS OR TRAILS, FISH AND WILDLIFE CONSER- 20 VATION, OR OTHER SIMILAR LAND CONSERVATION PURPOSES, AS DETERMINED BY 21 THE COMMISSIONER OF ENVIRONMENTAL CONSERVATION OR THE COMMISSIONER OF 22 THE OFFICE OF PARKS, RECREATION AND HISTORIC PRESERVATION, SHALL BE 23 ALLOWED A CREDIT AGAINST THE TAXES IMPOSED BY THIS ARTICLE EQUAL TO 24 TWENTY-FIVE PERCENT OF THE FAIR MARKET VALUE OF THE DONATED PROPERTY 25 INTEREST. TO BE ELIGIBLE FOR THIS CREDIT, THE INTEREST IN REAL PROPERTY 26 MUST BE DONATED TO THE STATE AND APPROVED BY THE COMMISSIONER OF ENVI- 27 RONMENTAL CONSERVATION OR THE COMMISSIONER OF THE OFFICE OF PARKS, 28 RECREATION AND HISTORIC PRESERVATION, AS SET FORTH IN SECTION 56-0307 OF 29 THE ENVIRONMENTAL CONSERVATION LAW OR SECTION NINETY-TWO-S OF THE STATE 30 FINANCE LAW, AS A DONATION QUALIFIED FOR A CREDIT UNDER THIS SECTION. 31 THE CREDIT ALLOWED UNDER THIS SECTION SHALL NOT EXCEED ONE HUNDRED THOU- 32 SAND DOLLARS FOR ANY FOUR CONSECUTIVE TAX YEARS. 33 (2) IF THE AMOUNT OF CREDIT ALLOWABLE UNDER THIS SUBSECTION FOR ANY 34 TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, ANY AMOUNT 35 OF CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR MAY BE CARRIED OVER TO THE 36 TEN TAXABLE YEARS NEXT FOLLOWING SUCH TAXABLE YEAR AND MAY BE DEDUCTED 37 FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS. 38 (3) IN THE CASE OF PROPERTY OWNED BY A MARRIED COUPLE, IF BOTH SPOUSES 39 ARE REQUIRED TO FILE SEPARATE NEW YORK STATE INCOME TAX RETURNS, THE 40 CREDIT ALLOWED BY THIS SUBSECTION MAY BE CLAIMED BY EITHER SPOUSE OR 41 PARTIALLY BY BOTH SPOUSES WITH THE SUM TOTAL OF THE CREDITS CLAIMED BY 42 BOTH TAXPAYERS IN ALL TAX YEARS NOT EXCEEDING THE AMOUNT OF THE CREDIT 43 EARNED UNDER PARAGRAPH ONE OF THIS SUBSECTION. IF ONLY ONE SPOUSE IS 44 REQUIRED TO FILE A NEW YORK STATE INCOME TAX RETURN, THAT SPOUSE MAY 45 CLAIM THE CREDIT ALLOWED BY THIS SUBSECTION ON A SEPARATE RETURN. 46 S 4. The state finance law is amended by adding a new section 99-w to 47 read as follows: 48 S 99-W. REAL PROPERTY DONATION CREDIT TRANSITORY FUND. 1. THERE IS 49 HEREBY ESTABLISHED IN THE JOINT CUSTODY OF THE STATE COMPTROLLER AND THE 50 COMMISSIONER OF TAXATION AND FINANCE A SPECIAL REVENUE FUND TO BE KNOWN 51 AS THE "REAL PROPERTY DONATION CREDIT TRANSITORY FUND" WHICH SHALL 52 CONSIST OF THE REAL PROPERTY DONATION CREDIT TRANSITORY ACCOUNT. 53 2. THE REAL PROPERTY DONATION CREDIT TRANSITORY ACCOUNT SHALL CONSIST 54 OF ALL MONEYS CREDITED OR TRANSFERRED THERETO FROM THE ENVIRONMENTAL 55 PROTECTION FUND OR FROM THE SALE OF BONDS PURSUANT TO THE CLEAN WATER, 56 CLEAN AIR BOND ACT OF 1996 AS FULL FUNDING FOR TAX CREDITS APPROVED AS A. 6928 3 1 COMPENSATION FOR LAND DONATED TO THE STATE IN ACCORDANCE WITH PROVISIONS 2 OF SECTION 56-0307 OF THE ENVIRONMENTAL CONSERVATION LAW OR SECTION 3 NINETY-TWO-S OF THIS ARTICLE AND SUBDIVISION FORTY-NINE OF SECTION TWO 4 HUNDRED TEN-B OR SUBSECTION (CCC) OF SECTION SIX HUNDRED SIX OF THE TAX 5 LAW. THE FULL AMOUNT OF TAX CREDITS EARNED BY TAXPAYERS UNDER SUBDIVI- 6 SION FORTY-NINE OF SECTION TWO HUNDRED TEN-B AND SUBSECTION (CCC) OF 7 SECTION SIX HUNDRED SIX OF THE TAX LAW SHALL BE CREDITED OR TRANSFERRED 8 THERETO FROM THE ENVIRONMENTAL PROTECTION FUND AT THE TIME OF APPROVAL. 9 3. MONEYS IN THE REAL PROPERTY DONATION CREDIT TRANSITORY FUND MAY BE 10 INVESTED BY THE COMPTROLLER PURSUANT TO SECTION NINETY-EIGHT-A OF THIS 11 ARTICLE, AND ANY INCOME RECEIVED BY THE COMPTROLLER SHALL BE USED FOR 12 THE PURPOSES OF SUCH FUND. 13 4. THE MONEYS HELD IN OR CREDITED TO THE FUND SHALL BE EXPENDED FOR 14 LAND CONSERVATION PURPOSES, AND MAY NOT BE INTERCHANGED OR COMMINGLED 15 WITH ANY OTHER ACCOUNT OR FUND BUT MAY BE COMMINGLED WITH ANY OTHER FUND 16 OR ACCOUNT FOR INVESTMENT PURPOSES. 17 5. IF THE COMMISSIONER OF TAXATION AND FINANCE DETERMINES THAT ANY OF 18 THE CREDITS EARNED UNDER SUBDIVISION FORTY-NINE OF SECTION TWO HUNDRED 19 TEN-B OR SUBSECTION (CCC) OF SECTION SIX HUNDRED SIX OF THE TAX LAW WERE 20 NOT REDEEMED, THE AMOUNT OF UNREDEEMED CREDITS SHALL BE CREDITED OR 21 TRANSFERRED TO THE ENVIRONMENTAL PROTECTION FUND. 22 S 5. Paragraph (d) of subdivision 6 of section 92-s of the state 23 finance law, as amended by section 13 of part E of chapter 61 of the 24 laws of 2000, is amended to read as follows: 25 (d) Moneys from the open space account shall be available, pursuant to 26 appropriation, for any open space land conservation project INCLUDING 27 TAX CREDITS FOR CERTAIN REAL PROPERTY DONATIONS PURSUANT TO SUBDIVISION 28 FORTY-NINE OF SECTION TWO HUNDRED TEN-B AND SUBSECTION (CCC) OF SECTION 29 SIX HUNDRED SIX OF THE TAX LAW, bio-diversity stewardship and research 30 pursuant to chapter five hundred fifty-four of the laws of nineteen 31 hundred ninety-three, for the purposes of agricultural and farmland 32 protection activities as authorized by article twenty-five-AAA of the 33 agriculture and markets law, non-point source abatement and control 34 projects pursuant to section 17-1409 of the environmental conservation 35 law and section eleven-b of the soil and water conservation districts 36 law, for Long Island Central Pine Barrens area planning or Long Island 37 south shore estuary reserve planning pursuant to title thirteen of arti- 38 cle fifty-four of the environmental conservation law, and for operation 39 and management of the Albany Pine Bush preserve commission pursuant to 40 subdivision two of section 54-0303 of the environmental conservation 41 law. 42 S 6. Subdivision 4 of section 56-0307 of the environmental conserva- 43 tion law, as added by chapter 413 of the laws of 1996, is amended to 44 read as follows: 45 4. The cost of an open space land conservation project shall include 46 the cost of preparation of a management plan for the preservation and 47 beneficial enjoyment of the land acquired pursuant to this section 48 except where such considerations have already been undertaken as part of 49 any existing plan applicable to the newly acquired land. THE COST OF AN 50 OPEN SPACE LAND CONSERVATION PROJECT SHALL BE DEEMED TO INCLUDE TAX 51 CREDITS FOR CERTAIN REAL PROPERTY DONATIONS PURSUANT TO SUBDIVISION 52 FORTY-NINE OF SECTION TWO HUNDRED TEN-B AND SUBSECTION (CCC) OF SECTION 53 SIX HUNDRED SIX OF THE TAX LAW, WHEN SUCH TAX CREDIT REPLACES ANY OTHER 54 COMPENSATION FOR THE STATE ACQUIRING TITLE TO THE PROPERTY. 55 S 7. This act shall take effect on the first of January next succeed- 56 ing the date on which it shall have become a law.