Senate Bill S602

2015-2016 Legislative Session

Establishes a forestry stewardship and habitat conservation credit for personal income and business franchise taxes

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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

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2015-S602 (ACTIVE) - Details

See Assembly Version of this Bill:
A8178
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 210-B, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: S326, A563
2011-2012: S346, A152
2013-2014: S1005, A4512
2017-2018: S138, A1874
2019-2020: S1939, A2296
2021-2022: S5181, A787
2023-2024: S31, A161

2015-S602 (ACTIVE) - Summary

Establishes a forestry stewardship and habitat conservation credit for personal income and business franchise taxes.

2015-S602 (ACTIVE) - Sponsor Memo

2015-S602 (ACTIVE) - Bill Text download pdf

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

                                   602

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 7, 2015
                               ___________

Introduced  by  Sen.  LITTLE -- 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  establishing  a  forestry
  stewardship  and  habitat  conservation credit for personal income and
  business franchise taxes

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

  Section  1.  Section  606  of  the  tax law is amended by adding a new
subsection (ccc) to read as follows:
  (CCC) FORESTRY STEWARDSHIP AND HABITAT CONSERVATION CREDIT. (1) IN THE
CASE OF A TAXPAYER WHO OWNS LAND THAT IS SUBJECT  TO AN  AGREEMENT  WITH
THE  DEPARTMENT  OF  ENVIRONMENTAL  CONSERVATION,  BY WHICH SUCH LAND IS
COMMITTED TO FORESTRY STEWARDSHIP, OR  HABITAT  CONSERVATION,  OR  BOTH,
THERE  SHALL  BE  ALLOWED  A  CREDIT FOR TWENTY-FIVE PERCENT OF THE REAL
PROPERTY TAXES PAID ON SUCH LAND. IN NO EVENT SHALL THE  CREDIT  ALLOWED
UNDER THIS SUBSECTION IN COMBINATION WITH ANY OTHER CREDIT FOR SUCH REAL
PROPERTY  TAXES UNDER THIS SECTION EXCEED THE TOTAL AMOUNT OF SUCH TAXES
PAID DURING THE TAXABLE YEAR.
  (2) FOR THE PURPOSES OF THIS SUBSECTION:
  (A)  "ELIGIBLE  TRACT"  SHALL  MEAN  A  TRACT  OF  LAND  OF  AT  LEAST
TWENTY-FIVE  CONTIGUOUS  ACRES THAT HAS BEEN INSPECTED BY THE DEPARTMENT
OF ENVIRONMENTAL CONSERVATION, A WILDLIFE  BIOLOGIST  CERTIFIED  BY  THE
WILDLIFE  SOCIETY,  OR  A  FISHERIES BIOLOGIST CERTIFIED BY THE AMERICAN
FISHERIES SOCIETY, AND BASED ON SUCH INSPECTION  IS  DETERMINED  BY  THE
DEPARTMENT  OF  ENVIRONMENTAL  CONSERVATION  TO BE: VALUABLE HABITAT FOR
WILDLIFE, FISH, SHELLFISH OR CRUSTACEA; OR SAFE AND SUITABLE FOR FISH OR
WILDLIFE-RELATED RECREATION, INCLUDING FISHING,  HUNTING,  TRAPPING  AND
WILDLIFE  OBSERVATION;  OR  BOTH.  LAND  DIVIDED ONLY BY FEDERAL, STATE,
COUNTY OR TOWN ROADS, EASEMENTS OR RIGHTS-OF-WAY, OR ENERGY TRANSMISSION

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

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