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- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
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Provides a tax credit for donations of land, easements on land and other interests in real property for conservation purposes
In Assembly Committee · Ways And Means · Sponsor Robert Sweeney
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 providing a tax credit under article 9-A and article 22 thereof for donations of land, easements on land and other interests in real property for conservation purposes
Purpose
To encourage the private conservation of land by providing State income tax credits for the donation of land, easements and other interests in real property for conservation purposes.
Summary of provisions
Sections 606 and 210 of the tax law are amended to provide for income tax credits for qualified New York conservation contributions. The credit shall be for 50% of the amount of the taxpayer's qualified New York conservation contribution up to $250,000, and may be carried over for ten years.
Justification
Over the years, New York State has demonstrated a strong commitment to land conservation and preservation, but recognizing that New York cannot conserve the large number of acres of remaining land in need of protection through direct land purchases alone, this tax credit can serve as a tool to increase private land protection - a critical component to the future success of New York's land conservation efforts.
Conservation tax credits provide a cost-effective way to leverage conservation through donations rather than the direct purchase of land or conservation easements. This type of credit is available in six other states and eleven other states are considering similar programs. North Carolina's Conservation Tax Credit Program, enacted in 1993, is the oldest and one of the most successful of its kind. For a small investment of$3.5 million toward the tax credit, North Carolina was able to protect 33,000 acres of land valued at $80 million.
Land preservation is more than good public policy. It improves our environment, complements our economy and enhances our quality of life. This tax credit would help New York State to achieve these important goals.
Legislative history
2007-08 S.4297; 2005-06, S.1838; 2003-04, S.1836-A; S.6987, 2001-02.
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately and shall apply to taxable years beginning on and after January 1,2009; provided, however that the IMB credit for energy taxes under subsection (t-l) and the state film production credit under subsection (gg) of section 606 of the tax law contained in section two of this act shall expire on the same date as provided in subdivision (a) of section 49 of part Y of chapter 63 of the laws of 2000, as amended and section 9 of part P of chapter 60 of the laws of 2004, as amended, respectively.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.