S T A T E O F N E W Y O R K
________________________________________________________________________
866
2009-2010 Regular Sessions
I N S E N A T E
January 21, 2009
___________
Introduced by Sen. MARCELLINO -- read twice and ordered printed, and
when printed to be committed to the Committee on Investigations and
Government Operations
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
41 and is amended to read as follows:
41. 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
[such school district, county and town] real property taxes under this
section exceed such taxes.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02873-01-9
S. 866 2
(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, as amended by section 2 of part ZZ-1 of chapter 57 of
the laws of 2008, is amended to read as follows:
(B) shall be treated as the owner of a new business with respect to
such share if the corporation qualifies as a new business pursuant to
paragraph (j) of subdivision twelve of section two hundred ten of this
chapter.
The corporation's credit base under
section two hundred ten or section
With respect to the following fourteen hundred fifty-six of this
credit under this section: chapter is:
S. 866 3
Investment tax credit Investment credit base
under subsection (a) or qualified
rehabilitation
expenditures under
subdivision twelve of
section two hundred ten
Empire zone Cost or other basis
investment tax credit under subdivision
under subsection (j) twelve-B
of section two hundred
ten
Empire zone Eligible wages under
wage tax credit subdivision nineteen of
under subsection (k) section two hundred ten
or subsection (e) of
section fourteen hundred
fifty-six
Empire zone Qualified investments
capital tax credit and contributions under
under subsection (l) subdivision twenty of
section two hundred ten
or subsection (d) of
section fourteen hundred
fifty-six
Agricultural property tax Allowable school
credit under subsection (n) district property taxes under
subdivision twenty-two of
section two hundred ten
Credit for employment Qualified first-year wages or
of persons with dis- qualified second-year wages
abilities under under subdivision
subsection (o) twenty-three of section
two hundred ten
or subsection (f)
of section fourteen
hundred fifty-six
Employment incentive Applicable investment credit
credit under subsec- base under subdivision
tion (a-1) twelve-D of section two
hundred ten
Empire zone Applicable investment
employment credit under sub-
incentive credit under division twelve-C
subsection (j-1) of section two hundred ten
Alternative fuels credit Cost under subdivision
under subsection (p) twenty-four of section two
hundred ten
S. 866 4
Qualified emerging Applicable credit base
technology company under subdivision twelve-E
employment credit of section two hundred ten
under subsection (q)
Qualified emerging Qualified investments under
technology company subdivision twelve-F of
capital tax credit section two hundred ten
under subsection (r)
Credit for purchase of an Cost of an automated
automated external defibrillator external defibrillator under
under subsection (s) subdivision twenty-five of
section two hundred ten
or subsection (j) of section
fourteen hundred fifty-six
Low-income housing Credit amount under
credit under subsection (x) subdivision thirty
of section two hundred ten or
subsection (l) of section
fourteen hundred fifty-six
Credit for transportation Amount of credit under sub-
improvement contributions division thirty-two of section
under subsection (z) two hundred ten or subsection
(n) of section fourteen
hundred fifty-six
QEZE credit for real property Amount of credit under
taxes under subsection (bb) subdivision twenty-seven of
section two hundred ten or
subsection (o) of section
fourteen hundred fifty-six
QEZE tax reduction credit Amount of benefit period
under subsection (cc) factor, employment increase factor
and zone allocation
factor (without regard
to pro ration) under
subdivision twenty-eight of
section two hundred ten or
subsection (p) of section
fourteen hundred fifty-six
and amount of tax factor
as determined under
subdivision (f) of section sixteen
Green building credit Amount of green building credit
under subsection (y) under subdivision thirty-one
of section two hundred ten
or subsection (m) of section
fourteen hundred fifty-six
S. 866 5
Credit for long-term Qualified costs under
care insurance premiums subdivision twenty-five-a of
under subsection (aa) section two hundred ten
or subsection (k) of section
fourteen hundred fifty-six
Brownfield redevelopment Amount of credit
credit under subsection under subdivision
(dd) thirty-three of section
two hundred ten
or subsection (q) of
section fourteen hundred
fifty-six
Remediated brownfield Amount of credit under
credit for real property subdivision thirty-four
taxes for qualified of section two hundred
sites under subsection ten or subsection (r) of
(ee) section fourteen hundred
fifty-six
Environmental Amount of credit under
remediation subdivision thirty-five of
insurance credit under section two hundred
subsection (ff) ten or subsection
(s) of section
fourteen hundred
fifty-six
Empire state film production Amount of credit for qualified
credit under subsection (gg) production costs in production
of a qualified film under
subdivision thirty-six of
section two hundred ten
Qualified emerging Qualifying expenditures and
technology company facilities, development activities under
operations and training credit subdivision twelve-G of section
under subsection (nn) two hundred ten
Security training tax Amount of credit
credit under under subdivision thirty-seven
subsection (ii) of section two hundred ten or
under subsection (t) of
section fourteen hundred fifty-six
Credit for qualified fuel Amount of credit under
cell electric generating equipment subdivision thirty-seven
expenditures under subsection (g-2) of section two hundred ten
or subsection (t) of
section fourteen hundred
fifty-six
Empire state commercial production Amount of credit for qualified
credit under subsection (jj) production costs in production
of a qualified commercial under
S. 866 6
subdivision thirty-eight of sec-
tion two hundred ten
Biofuel production Amount of credit
tax credit under under subdivision
subsection (jj) thirty-eight of
section two hundred ten
CONSERVATION EASEMENT TAX AMOUNT OF CREDIT UNDER
CREDIT UNDER SUBSECTION (KK) SUBDIVISION FORTY-ONE OF
SECTION TWO HUNDRED TEN
Clean heating fuel credit Amount of credit under
under subsection (mm) subdivision thirty-nine of
section two hundred ten
Credit for rehabilitation Amount of credit under
of historic properties subdivision forty of
under subsection (oo) subsection two hundred ten
Credit for companies who Amount of credit under
provide transportation subdivision forty of
to individuals section two hundred ten
with disabilities
under subsection (oo)
S 4. This act shall take effect immediately and shall be made applica-
ble to taxable years commencing on and after January 1, 2009 and there-
after; provided, however that the empire state film production credit
under subsection (gg), the empire state commercial production credit
under subsection (jj) and the credit for companies who provide transpor-
tation to handicapped individuals under subsection (oo) of section 606
of the tax law contained in section three of this act shall expire on
the same date as provided in section 9 of part P of chapter 60 of the
laws of 2004, as amended, section 10 of part V of chapter 62 of the laws
of 2006, and section 5 of chapter 522 of the laws of 2006, as amended,
respectively.
