senate Bill S4088A

2011-2012 Legislative Session

Makes technical corrections to the conservation easement tax credit

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Archive: Last Bill Status - Passed Senate


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

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Actions

view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 06, 2012 referred to ways and means
delivered to assembly
passed senate
May 07, 2012 advanced to third reading
May 02, 2012 2nd report cal.
May 01, 2012 1st report cal.669
Apr 18, 2012 reported and committed to finance
Jan 25, 2012 print number 4088a
amend and recommit to investigations and government operations
Jan 04, 2012 referred to investigations and government operations
Jun 02, 2011 reported and committed to finance
Mar 17, 2011 referred to investigations and government operations

Votes

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May 1, 2012 - Finance committee Vote

S4088A
33
0
committee
33
Aye
0
Nay
1
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Finance committee vote details

Apr 18, 2012 - Investigations and Government Operations committee Vote

S4088A
7
0
committee
7
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Investigations and Government Operations committee vote details

Investigations and Government Operations Committee Vote: Apr 18, 2012

aye wr (1)

Jun 2, 2011 - Investigations and Government Operations committee Vote

S4088
7
0
committee
7
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Jun 2, 2011

aye wr (1)

Bill Amendments

Original
A (Active)
Original
A (Active)

S4088 - Bill Details

See Assembly Version of this Bill:
A9653
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 210, Tax L
Versions Introduced in 2009-2010 Legislative Session:
S866

S4088 - Bill Texts

view summary

Makes technical corrections to the conservation easement tax credit.

view sponsor memo
BILL NUMBER:S4088

TITLE OF BILL:
An act
to amend the tax law, in relation to making technical 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.

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:
2007-08: S.4368-A,
2008: Governor's Veto
9.
2009-10: S. 866, Referred to Investigations & Governmental Operations

FISCAL IMPLICATIONS:
Minimal.

EFFECTIVE DATE:
This act shall take effect immediately.

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

                                  4088

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             March 17, 2011
                               ___________

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
43 and is amended to read as follows:
  43. 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.
                                                           LBD02983-01-1

S. 4088                             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  (xvii-a)  to  read  as
follows:

(XXVII-A) CONSERVATION EASEMENT      AMOUNT OF CREDIT UNDER
TAX CREDIT UNDER SUBSECTION (KK)     SUBDIVISION FORTY-THREE 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, 2011 and there-
after.

S4088A (ACTIVE) - Bill Details

See Assembly Version of this Bill:
A9653
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 210, Tax L
Versions Introduced in 2009-2010 Legislative Session:
S866

S4088A (ACTIVE) - Bill Texts

view summary

Makes technical corrections to the conservation easement tax credit.

view sponsor memo
BILL NUMBER:S4088A

TITLE OF BILL:
An act
to amend the tax law, in relation to making technical 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.

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:
2007-08: S.4368-A,
2008: Governor's Veto
9.
2009-10: S.866, Referred to Investigations & Governmental Operations

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,
2012 and thereafter.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 4088--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             March 17, 2011
                               ___________

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:

  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
45 and is amended to read as follows:
  45.  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02983-02-2

S. 4088--A                          2

[such  school  district, county and town] real property taxes under this
section exceed such taxes.
  (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-FIVE 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, 2012 and  there-
after.

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