S T A T E O F N E W Y O R K
________________________________________________________________________
S. 4485 A. 7758
2009-2010 Regular Sessions
S E N A T E - A S S E M B L Y
April 23, 2009
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IN SENATE -- Introduced by Sens. LAVALLE, ALESI, DeFRANCISCO, FUSCHILLO,
LARKIN, VOLKER -- read twice and ordered printed, and when printed to
be committed to the Committee on Investigations and Government Oper-
ations
IN ASSEMBLY -- Introduced by M. of A. SWEENEY -- read once and referred
to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to providing a tax credit under
article 9-A and article 22 thereof for donations of land, easements on
land and other interests in real property for conservation purposes
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 210 of the tax law is amended by adding a new
subdivision 41 to read as follows:
41. QUALIFIED NEW YORK CONSERVATION CONTRIBUTION CREDIT. (A) GENERAL.
A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS HEREINAFTER
PROVIDED, AGAINST THE TAX IMPOSED BY THIS ARTICLE, FOR QUALIFIED NEW
YORK CONSERVATION CONTRIBUTIONS MADE DURING THE TAXABLE YEAR.
(B) QUALIFIED NEW YORK CONSERVATION CONTRIBUTION. THE TERM "QUALIFIED
NEW YORK CONSERVATION CONTRIBUTION" MEANS A QUALIFIED CONSERVATION
CONTRIBUTION WITHIN THE MEANING OF PARAGRAPH ONE OF SUBSECTION (H) OF
SECTION ONE HUNDRED SEVENTY OF THE INTERNAL REVENUE CODE, BUT ONLY WITH
RESPECT TO A QUALIFIED REAL PROPERTY INTEREST, AS DEFINED UNDER PARA-
GRAPH TWO OF SUCH SUBSECTION (H), WHICH IS LOCATED WITHIN NEW YORK
STATE. PROVIDED, FURTHER, THAT A QUALIFIED REAL PROPERTY INTEREST, AS
DEFINED UNDER SUBPARAGRAPH (C) OF PARAGRAPH TWO OF SUCH SUBSECTION (H),
MUST ALSO MEET THE REQUIREMENTS OF TITLE THREE OF ARTICLE FORTY-NINE OF
THE ENVIRONMENTAL CONSERVATION LAW.
(C) AMOUNT OF THE CREDIT. THE AMOUNT OF THE CREDIT SHALL BE FIFTY
PERCENT OF THE AMOUNT OF THE TAXPAYER'S QUALIFIED NEW YORK CONSERVATION
CONTRIBUTION WHICH QUALIFIES FOR THE DEDUCTION FOR THE TAXABLE YEAR
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02872-02-9
S. 4485 2 A. 7758
UNDER SUBSECTION (A) OF SECTION ONE HUNDRED SEVENTY OF THE INTERNAL
REVENUE CODE (WITHOUT REGARD TO WHETHER THE TAXPAYER IN FACT CLAIMED THE
DEDUCTION UNDER SUCH SUBSECTION (A) OF SECTION ONE HUNDRED SEVENTY FOR
THE TAXABLE YEAR), SUCH DEDUCTION TO BE DETERMINED WITHOUT REGARD TO THE
LIMITATIONS SET FORTH IN SUBSECTION (B) OF SUCH SECTION ONE HUNDRED
SEVENTY. THE CREDIT ALLOWED TO A TAXPAYER UNDER THIS SUBDIVISION SHALL
NOT EXCEED TWO HUNDRED FIFTY THOUSAND DOLLARS WITH RESPECT TO ANY TAXA-
BLE YEAR.
(D) CARRYOVERS. IN NO EVENT SHALL THE CREDIT UNDER THIS SUBDIVISION BE
ALLOWED IN AN AMOUNT WHICH WILL REDUCE THE TAX PAYABLE TO LESS THAN THE
HIGHER OF THE AMOUNTS PRESCRIBED IN PARAGRAPHS (C) AND (D) OF SUBDIVI-
SION ONE OF THIS SECTION. PROVIDED, HOWEVER, THAT IF THE AMOUNT OF CRED-
IT ALLOWABLE UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR REDUCES THE TAX
TO SUCH AMOUNT, ANY AMOUNT OF CREDIT NOT DEDUCTED FROM THE TAXPAYER'S
TAX FOR SUCH YEAR MAY BE CARRIED OVER TO THE TEN TAXABLE YEARS NEXT
FOLLOWING SUCH TAXABLE YEAR AND MAY BE DEDUCTED FROM THE TAXPAYER'S TAX
FOR SUCH YEAR OR YEARS.
S 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
of the tax law is amended by adding a new clause (xxxi) to read as
follows:
(XXXI) QUALIFIED NEW YORK AMOUNT OF QUALIFIED
CONSERVATION CONTRIBUTION CONSERVATION CONTRIBUTION UNDER
CREDIT UNDER SUBSECTION (QQ) SUBDIVISION FORTY-ONE OF
SECTION TWO HUNDRED TEN
S 3. Section 606 of the tax law is amended by adding a new subsection
(qq) to read as follows:
(QQ) QUALIFIED NEW YORK CONSERVATION CONTRIBUTION CREDIT. (1) GENER-
AL. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS HEREINAFTER
PROVIDED, AGAINST THE TAX IMPOSED BY THIS ARTICLE, FOR QUALIFIED NEW
YORK CONSERVATION CONTRIBUTIONS MADE DURING THE TAXABLE YEAR.
(2) QUALIFIED NEW YORK CONSERVATION CONTRIBUTION. THE TERM "QUALIFIED
NEW YORK CONSERVATION CONTRIBUTION" MEANS A QUALIFIED CONSERVATION
CONTRIBUTION WITHIN THE MEANING OF PARAGRAPH ONE OF SUBSECTION (H) OF
SECTION ONE HUNDRED SEVENTY OF THE INTERNAL REVENUE CODE, BUT ONLY WITH
RESPECT TO A QUALIFIED REAL PROPERTY INTEREST, AS DEFINED UNDER PARA-
GRAPH TWO OF SUCH SUBSECTION (H), WHICH IS LOCATED WITHIN NEW YORK
STATE. PROVIDED, FURTHER, THAT A QUALIFIED REAL PROPERTY INTEREST, AS
DEFINED UNDER SUBPARAGRAPH (C) OF PARAGRAPH TWO OF SUCH SUBSECTION (H),
MUST ALSO MEET THE REQUIREMENTS OF TITLE THREE OF ARTICLE FORTY-NINE OF
THE ENVIRONMENTAL CONSERVATION LAW.
(3) AMOUNT OF THE CREDIT. THE AMOUNT OF THE CREDIT SHALL BE FIFTY
PERCENT OF THE AMOUNT OF THE TAXPAYER'S QUALIFIED NEW YORK CONSERVATION
CONTRIBUTION WHICH QUALIFIES FOR THE DEDUCTION FOR THE TAXABLE YEAR
UNDER SUBSECTION (A) OF SECTION ONE HUNDRED SEVENTY OF THE INTERNAL
REVENUE CODE (WITHOUT REGARD TO WHETHER THE TAXPAYER IN FACT CLAIMED THE
DEDUCTION UNDER SUCH SUBSECTION (A) OF SECTION ONE HUNDRED SEVENTY FOR
THE TAXABLE YEAR), SUCH DEDUCTION TO BE DETERMINED WITHOUT REGARD TO THE
LIMITATIONS SET FORTH IN SUBSECTION (B) OF SUCH SECTION ONE HUNDRED
SEVENTY. THE CREDIT ALLOWED TO A TAXPAYER UNDER THIS SUBSECTION SHALL
NOT EXCEED TWO HUNDRED FIFTY THOUSAND DOLLARS WITH RESPECT TO ANY TAXA-
BLE YEAR.
(4) CARRYOVERS. IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS SUBSECTION
FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE
EXCESS MAY BE CARRIED OVER TO THE TEN TAXABLE YEARS NEXT FOLLOWING SUCH
S. 4485 3 A. 7758
TAXABLE YEAR AND MAY BE DEDUCTED FROM THE TAXPAYER'S TAX FOR SUCH YEAR
OR YEARS.
(5) HUSBAND AND WIFE. IN THE CASE OF A HUSBAND AND WIFE, THE AMOUNT OF
THE CREDIT SHALL BE DIVIDED BETWEEN THEM EQUALLY OR IN SUCH OTHER MANNER
AS THEY MAY BOTH ELECT.
S 4. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2009.