Bill Text: NY S01695 | 2017-2018 | General Assembly | Amended
Bill Title: Makes technical corrections to the conservation easement tax credit.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Engrossed - Dead) 2018-02-15 - PRINT NUMBER 1695A [S01695 Detail]
Download: New_York-2017-S01695-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 1695--A 2017-2018 Regular Sessions IN SENATE January 10, 2017 ___________ 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: 1 Section 1. Paragraph 1 of subsection (kk) of section 606 of the tax 2 law, as added by section 1 of part F of chapter 62 of the laws of 2006, 3 is amended to read as follows: 4 (1) Credit allowed. In the case of a taxpayer who owns land that is 5 subject to a conservation easement held by a public or private conserva- 6 tion agency, there shall be allowed a credit for twenty-five percent of 7 the [allowable school district, county and town] real property taxes 8 paid on [such] the land, or portion of the land, subject to the 9 easement. In no event shall the credit allowed under this subsection in 10 combination with any other credit for [such school district, county and11town] real property taxes under this section exceed such taxes. 12 § 2. Subdivision 22 of section 210-B of the tax law, as added by 13 section 17 of part A of chapter 59 of the laws of 2014, is amended to 14 read as follows: 15 22. Conservation easement tax credit. (a) Credit allowed. In the case 16 of a taxpayer who owns land that is subject to a conservation easement 17 held by a public or private conservation agency, there shall be allowed 18 a credit for twenty-five percent of the [allowable school district,19county and town] real property taxes paid on [such] the land, or portion 20 of the land, subject to the easement. In no such case shall the credit 21 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. LBD02348-02-8S. 1695--A 2 1 [such school district, county and town] real property taxes under this 2 section exceed such taxes. 3 (b) Conservation easement. For purposes of this subdivision, the term 4 "conservation easement" means a perpetual and permanent conservation 5 easement as defined in article forty-nine of the environmental conserva- 6 tion law that serves to protect open space, scenic, natural resources, 7 biodiversity, agricultural, watershed and/or historic preservation 8 resources. Any conservation easement for which a tax credit is claimed 9 under this subdivision shall be filed with the department of environ- 10 mental conservation, as provided for in article forty-nine of the envi- 11 ronmental conservation law and such conservation easement shall comply 12 with the provisions of title three of such article, and the provisions 13 of subdivision (h) of section 170 of the internal revenue code. Dedi- 14 cations of land for open space through the execution of conservation 15 easements for the purpose of fulfilling density requirements to obtain 16 subdivision or building permits shall not be considered a conservation 17 easement under this subdivision. 18 (c) Land. For purposes of this subdivision, the term "land" means a 19 fee simple title to real property located in this state, with or without 20 improvements thereon; rights of way; water and riparian rights; ease- 21 ments; privileges and all other rights or interests of any land or 22 description in, relating to or connected with real property, excluding 23 buildings, structures, or improvements. 24 (d) Public or private conservation agency. For purposes of this subdi- 25 vision, the term "public or private conservation agency" means any 26 state, local, or federal governmental body; or any private not-for-pro- 27 fit charitable corporation or trust which is authorized to do business 28 in the state of New York, is organized and operated to protect land for 29 natural resources, conservation or historic preservation purposes, is 30 exempt from federal income taxation under section 501(c)(3) of the 31 internal revenue code, and has the power to acquire, hold and maintain 32 land and/or interests in land for such purposes. 33 (e) Credit limitation. The amount of the credit that may be claimed by 34 a taxpayer pursuant to this subsection shall not exceed five thousand 35 dollars in any given year. 36 (f) Application of the credit. The credit allowed under this subdivi- 37 sion for any taxable year shall not reduce the tax due for such year to 38 less than the fixed dollar minimum amount prescribed in paragraph (d) of 39 subdivision one of section two hundred ten of this article. However, if 40 the amount of the credit allowed under this subdivision for any taxable 41 year reduces the tax to such amount or if the taxpayer otherwise pays 42 tax based on the fixed dollar minimum amount, any amount of the credit 43 thus not deductible in such taxable year shall be treated as an overpay- 44 ment of tax to be credited or refunded in accordance with the provisions 45 of subsection (c) of section one thousand eighty-eight of this chapter, 46 except that, no interest shall be paid thereon. 47 § 3. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 48 of the tax law is amended by adding a new clause (xliv) to read as 49 follows: 50 (xliv) Conservation easement Amount of credit under 51 tax credit under subsection (kk) subdivision twenty-two of 52 section two hundred ten-B 53 § 4. This act shall take effect immediately and shall be made applica- 54 ble to taxable years commencing on and after January 1, 2019 and there- 55 after.
