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

1 Co-sponsor

• Tony Avella

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 establish a forestry stewardship and habitat conservation credit for personal income and business franchise taxes for landowners in New York State.

Summary of provisions

Section one - adds a new subsection (ccc) 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 49 to section 210-B of the tax law to provide for the forestry stewardship and habitat conservation tax credit.

Section four - amends paragraph (d) of subdivision 11 of section 210-B of the tax law, as added by section 17 of part A of chapter 59 of the laws of 2014.

Section five - amends subparagraph (B) of paragraph 1 of subsection (i) of section 606 of the tax law is amended by adding a new clause (xli).

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

2014: S.1005A Passed Senate; A.4512A Held for Consideration in Ways and Means 2013: S.1005 Referred to Investigations and Government Operations; A. 4512 Ways and Means 2011/12: S.346A Passed Senate; A.152A Held for Consideration 2009/10: S.326 Investigations and Government Operations; A.563 Ways and Means 2007/08: S.5538-A Investigations and Government Operations

Fiscal implications

To be determined.

Local fiscal implications

To be determined.

Effective date

This act shall take effect immediately.