senate Bill S3631

Amended

Makes technical corrections to the conservation easement tax credit

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 07 / Feb / 2013
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 16 / Apr / 2013
    • 1ST REPORT CAL.312
  • 17 / Apr / 2013
    • 2ND REPORT CAL.
  • 22 / Apr / 2013
    • ADVANCED TO THIRD READING
  • 08 / May / 2013
    • PASSED SENATE
  • 08 / May / 2013
    • DELIVERED TO ASSEMBLY
  • 08 / May / 2013
    • REFERRED TO WAYS AND MEANS
  • 08 / Jan / 2014
    • DIED IN ASSEMBLY
  • 08 / Jan / 2014
    • RETURNED TO SENATE
  • 08 / Jan / 2014
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 27 / Jan / 2014
    • AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 27 / Jan / 2014
    • PRINT NUMBER 3631A
  • 29 / Apr / 2014
    • 1ST REPORT CAL.429
  • 30 / Apr / 2014
    • 2ND REPORT CAL.
  • 05 / May / 2014
    • ADVANCED TO THIRD READING
  • 07 / May / 2014
    • PASSED SENATE
  • 07 / May / 2014
    • DELIVERED TO ASSEMBLY
  • 07 / May / 2014
    • REFERRED TO WAYS AND MEANS

Summary

Makes technical corrections to the conservation easement tax credit.

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Bill Details

See Assembly Version of this Bill:
A4898
Versions:
S3631
S3631A
Legislative Cycle:
2013-2014
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยงยง606 & 210, Tax L
Versions Introduced in Previous Legislative Cycles:
2011-2012: S4088A, A9653
2009-2010: S866, S866

Sponsor Memo

BILL NUMBER:S3631

TITLE OF BILL: An act to amend the tax law, in relation to making tech-
nical 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, including village
taxes.

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: 2011-12:S. 4088-A Passed Senate/A. 9653 Ways and
Means 2009-10:S. 866 Investigations and Government Operations/A. 5876
Ways and Means 2007-08:S. 4368-A Passed Senate/A. 7134-B Passed Assem-
bly-2008 Governor's Veto #9.

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, 2014 and
thereafter.

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

                                  3631

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 7, 2013
                               ___________

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
46 and is amended to read as follows:
  46. 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.
                                                           LBD07849-01-3

S. 3631                             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 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-SIX 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, 2014 and there-
after.

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