S T A T E O F N E W Y O R K
________________________________________________________________________
1695--A
2017-2018 Regular Sessions
I N S E N A T E
January 10, 2017
___________
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.
§ 2. Subdivision 22 of section 210-B of the tax law, as added by
section 17 of part A of chapter 59 of the laws of 2014, is amended to
read as follows:
22. Conservation easement tax credit. (a) 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.
LBD02348-02-8
S. 1695--A 2
[such school district, county and town] real property taxes under this
section exceed such taxes.
(b) 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.
(c) 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.
(d) 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.
(e) 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.
(f) 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 fixed dollar minimum amount prescribed in paragraph (d) of
subdivision one of section two hundred ten of this article. However, if
the amount of the credit allowed under this subdivision for any taxable
year reduces the tax to such amount or if the taxpayer otherwise pays
tax based on the fixed dollar minimum amount, any amount of the credit
thus not deductible in such taxable year shall be treated as an overpay-
ment of tax to be credited or refunded in accordance with the provisions
of subsection (c) of section one thousand eighty-eight of this chapter,
except that, no interest shall be paid thereon.
§ 3. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
of the tax law is amended by adding a new clause (xliv) to read as
follows:
(XLIV) CONSERVATION EASEMENT AMOUNT OF CREDIT UNDER
TAX CREDIT UNDER SUBSECTION (KK) SUBDIVISION TWENTY-TWO OF
SECTION TWO HUNDRED TEN-B
§ 4. This act shall take effect immediately and shall be made applica-
ble to taxable years commencing on and after January 1, 2019 and there-
after.
