senate Bill S5522

2013-2014 Legislative Session

Relates to a conservation, open space and farmland protection credit trading program

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to investigations and government operations
May 16, 2013 referred to investigations and government operations

S5522 - Details

Law Section:
Tax Law
Laws Affected:
Amd ยงยง210 & 606, Tax L

S5522 - Summary

Relates to a conservation, open space and farmland protection credit trading program to provide tax credits against income and corporation franchise taxes in the amount of fifty percent of the value of the easement property.

S5522 - Sponsor Memo

S5522 - Bill Text download pdf

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

                                  5522

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              May 16, 2013
                               ___________

Introduced  by  Sen.  GIPSON -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation to the conservation, open space
  and farmland protection credit trading program

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. This act shall be known and may be cited as the "Conserva-
tion, Open Space and Farmland Protection Credit Trading Program".
  S 2. Legislative intent. Protection of our state natural resources  is
an  important  state  policy.  Conservation  of open space, farmland and
forest protection are important to a healthy and sustainable future. Not
only does land conservation serve an important environmental and  public
health   benefit   such   as  water  quality  protection  and  pollution
prevention, these conserved properties can provide a significant econom-
ic benefit to the people of  this  state.  Farmers  who  participate  in
conservation easements avail themselves to funds to invest in diversify-
ing  and  expanding  their  farm  businesses,  build new infrastructure,
introduce new crops, purchase equipment or livestock, and  perhaps  most
importantly,  transfer  family  farms to the next generation of farmers.
This program is designed to further the policies set out in  article  49
of  the  environmental  conservation  law  and to increase incentives to
landowners to conserve their land. This program  creates  a  market  for
tradable conservation easement credits to stimulate land conservation in
the state of New York.
  S 3. Section 210 of the tax law is amended by adding a new subdivision
47 to read as follows:
  47.  CONSERVATION,  OPEN  SPACE AND FARMLAND PROTECTION CREDIT. (A) AN
ELIGIBLE DONOR WHO DONATES QUALIFIED REAL PROPERTY INTEREST FOR A QUALI-
FIED CONSERVATION PURPOSE TO AN ELIGIBLE DONEE SHALL BE ALLOWED A CREDIT
OWNED BY SUCH TAXPAYER AGAINST THE TAX IMPOSED BY THIS ARTICLE.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11087-02-3

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