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 |
Jan 25, 2012 |
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 |
Senate Bill S4088
2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Assembly 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
Votes
Bill Amendments
2011-S4088 - Details
2011-S4088 - 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
2011-S4088 - Bill Text download pdf
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
2011-S4088A (ACTIVE) - Details
2011-S4088A (ACTIVE) - 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
2011-S4088A (ACTIVE) - Bill 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
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