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Sponsors
Senator · Senate District 5
No co-sponsors yet.
History
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 58–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.684
- Reported and committed to finance
- Print number 1921a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Returned to senate
- Died in assembly
Show 8 earlier actions
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 61–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.863
- Reported and committed to finance
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Makes technical corrections to the conservation easement tax credit
In Assembly Committee · Ways And Means · Sponsor Fred Thiele
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 making technical corrections to the conservation easement tax credit
Purpose
To include village taxes in the calculation of the income tax credit available to land owners that grant a conservation easement.
Summary of provisions
Section 1 and 2 make technical corrections to Chapter 62 of the laws of 2006 to allow the income tax credit to be applied to all classifications of land subject to the easement, including village taxes.
Justification
Currently, an income tax credit is available to land owners that grant conservation easement based on 25% of their property taxes up to $5,000. This legislation will make a technical amendment to the current tax credit to include village property taxes.
An income tax credit for real property taxes paid on land under a conservation easement will help landowners bear the annual carrying costs of land that provides multiple public benefits. This income tax credit will have a large impact on those landowners who have modest incomes and are unlikely to benefit significantly from existing tax deductions. An income tax credit will provide them with an incentive to make a gift to perpetually conserved land that they otherwise could not afford to make.
Legislative history
2015: S. 1921 Passed Senate / A. 3920 Ways and Means 2013-14: S. 3631-A Passed Senate / A. 4898-A Ways and Means 2011-12: S. 4088-A Passed Senate /A. 9653 Ways and Means 2009-10: S. 866 Investigations and Government Operations /A. 5876 Ways and Means 2007-08: S. 4368-A Passed Senate /A. 7134-B Passed Assembly-2008 Governor's Veto 9.
Fiscal implications
Minimal.
Effective date
This act shall take effect immediately and shall be made applicable to taxable years commencing on and after January 1, 2017 and thereafter.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.