senate Bill S5181

2021-2022 Legislative Session

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

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue 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 05, 2022 referred to budget and revenue
Feb 26, 2021 referred to budget and revenue

Co-Sponsors

S5181 (ACTIVE) - Details

See Assembly Version of this Bill:
A787
Current Committee:
Senate Budget And Revenue
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
2015-2016: S602, A3377, A8178
2017-2018: S138, A1874
2019-2020: S1939, A2296

S5181 (ACTIVE) - Summary

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

S5181 (ACTIVE) - Sponsor Memo

S5181 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5181
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 26, 2021
                                ___________
 
 Introduced  by  Sen.  STEC  --  read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 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 (lll) to read as follows:
   (LLL) 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 ENVI-
 RONMENTAL  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-RELAT-
 ED RECREATION, INCLUDING FISHING, HUNTING, TRAPPING AND WILDLIFE  OBSER-
 VATION;  OR  BOTH.  LAND  DIVIDED ONLY BY FEDERAL, STATE, COUNTY OR TOWN
 ROADS, EASEMENTS OR RIGHTS-OF-WAY, OR ENERGY TRANSMISSION  CORRIDORS  OR
 SIMILAR  FACILITIES  SHALL BE CONSIDERED CONTIGUOUS FOR PURPOSES OF THIS
 SECTION.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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