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History
- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
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Establishes a forestry stewardship and habitat conservation credit for personal income and business franchise taxes
In Assembly Committee · Ways And Means · Sponsor Teresa Sayward
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
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
Purpose
To provide for a forestry stewardship and habitat conservation income tax credit for landowners in New York State.
Summary of provisions
Section one - adds a new subsection (qq) to section 606 of the tax law to establish the forestry stewardship and habitat conservation tax credit of twenty-five percent of the allowable school, county and town property taxes. This section provides for the definition of eligible tract, agreement, approved habitat conservation plan and forestry stewardship.
Section two - amends paragraph 4 of subsection (n) of section 606 of the tax law, as amended by section 2 of part F of chapter 62 of the laws of 2006.
Section three - adds a new subdivision 41 to section 210 of the tax law to provide for the forestry stewardship and habitat conservation tax credit.
Section four - amends paragraph (d) of subsection 22 of section 210 of the tax law, as amended by section 4 of part F of chapter 62 of the laws of 2006.
Section five - amends subparagraph (B) of paragraph 1 of subsection (i) of section 606 of the tax law, as separately amended by chapters 522 and 547 of the laws of 2006 to provide for the forest stewardship and habitat conservation credit under subsection (gg).
Section six - contains the effective date.
Justification
Forest landowners contribute to the public interest through positive stewardship of their lands. Growing property tax burdens and shifting of the assessment burden onto private forest lands is creating greater pressures for development and/or sale of the property. Many studies have documented the increase in fragmentation of our forested landscape and the implications this has for wildlife, water management, biodiversity, and our forest-based economy.
This forested/open space tax credit is intended to reduce forest fragmentation, increase the economic contributions of our forests and support private stewardship efforts by individual owners, families and businesses.
Legislative history
2007/08: S.5538-A Investigations and Government Operations
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.