Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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Jan 04, 2012 |
referred to investigations and government operations |
Feb 24, 2011 |
referred to investigations and government operations |
Senate Bill S3515
2011-2012 Legislative Session
Sponsored By
(R) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
(R, C, IP) Senate District
(R, C) Senate District
(R, C, IP) Senate District
(R, C, IP, RFM) Senate District
2011-S3515 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A5642
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§210 & 606, Tax L
- Versions Introduced in 2009-2010 Legislative Session:
-
S4485, A7758
2011-S3515 (ACTIVE) - Summary
Provides a tax credit for donations of land, easements on land and other interests in real property for conservation purposes; provides that 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.
2011-S3515 (ACTIVE) - Sponsor Memo
BILL NUMBER:S3515 TITLE OF BILL: 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 PURPOSE: To encourage the private conservation of land by providing State income tax credits for the donation of land, easements and other interests in real property for conservation purposes. SUMMARY OF PROVISIONS: Sections 606 and 210 of the tax law are amended to provide for income tax credits for qualified New York conservation contributions. The credit shall be for 50% of the amount of the taxpayer's qualified New York conservation contribution up to $250,000, and may be carried over for ten years. JUSTIFICATION: Over the years, New York State has demonstrated a strong commitment to land conservation and preservation, but recognizing that New York cannot conserve the large number of acres of remaining land in need
2011-S3515 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ S. 3515 A. 5642 2011-2012 Regular Sessions S E N A T E - A S S E M B L Y February 24, 2011 ___________ IN SENATE -- Introduced by Sens. LAVALLE, HANNON, LARKIN, RANZENHOFER, SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations 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 43 to read as follows: 43. 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 UNDER SUBSECTION (A) OF SECTION ONE HUNDRED SEVENTY OF THE INTERNAL EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02884-01-1
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