Bill Text: NY A04199 | 2009-2010 | General Assembly | Introduced
Bill Title: An act to amend the tax law, the state finance law and the environmental conservation law, in relation to establishing a credit against income tax for certain real property donations
Spectrum: Moderate Partisan Bill (Republican 5-1)
Status: (Introduced - Dead) 2010-01-06 - referred to ways and means [A04199 Detail]
Download: New_York-2009-A04199-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
4199
2009-2010 Regular Sessions
I N A S S E M B L Y
January 30, 2009
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Introduced by M. of A. THIELE, WALKER, ALFANO -- Multi-Sponsored by --
M. of A. BARRA, CROUCH, GIGLIO, SPANO -- read once and referred to the
Committee on Ways and Means
AN ACT to amend the tax law, the state finance law and the environmental
conservation law, in relation to establishing a credit against income
tax for certain real property donations
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. The tax law is amended by adding a new section 171-t to
2 read as follows:
3 S 171-T. CREDIT FOR CERTAIN REAL PROPERTY DONATIONS VERIFICATION. THE
4 DEPARTMENT SHALL VERIFY THE AMOUNT OF TAX CREDITS TAKEN EACH FISCAL YEAR
5 WHICH WERE ALLOWED PURSUANT TO SUBDIVISION FORTY-ONE OF SECTION TWO
6 HUNDRED TEN OR SUBSECTION (QQ) OF SECTION SIX HUNDRED SIX OF THIS CHAP-
7 TER. UPON SUCH VERIFICATION, THE COMMISSIONER SHALL TRANSFER SUCH AMOUNT
8 FROM THE REAL PROPERTY DONATION CREDIT TRANSITORY FUND AS DEFINED IN
9 SECTION NINETY-NINE-Q OF THE STATE FINANCE LAW TO THE CREDIT OF THE
10 GENERAL FUND.
11 S 2. Section 210 of the tax law is amended by adding a new subdivision
12 41 to read as follows:
13 41. CREDIT FOR CERTAIN REAL PROPERTY DONATIONS. (A) ANY CORPORATION
14 THAT MAKES A QUALIFIED DONATION OF INTEREST IN REAL PROPERTY LOCATED IN
15 NEW YORK DURING THE TAXABLE YEAR THAT IS USEFUL FOR PUBLIC BEACH ACCESS
16 OR USE, PUBLIC ACCESS TO PUBLIC WATERS OR TRAILS, FISH AND WILDLIFE
17 CONSERVATION, OR OTHER SIMILAR LAND CONSERVATION PURPOSES, AS DETERMINED
18 BY THE COMMISSIONER OF ENVIRONMENTAL CONSERVATION OR THE COMMISSIONER OF
19 THE OFFICE OF PARKS, RECREATION AND HISTORIC PRESERVATION, SHALL BE
20 ALLOWED A CREDIT AGAINST THE TAXES IMPOSED BY THIS ARTICLE EQUAL TO
21 TWENTY-FIVE PERCENT OF THE FAIR MARKET VALUE OF THE DONATED PROPERTY
22 INTEREST. TO BE ELIGIBLE FOR SUCH CREDIT, THE INTEREST IN REAL PROPERTY
23 SHALL BE DONATED TO THE STATE AND APPROVED BY THE COMMISSIONER OF ENVI-
24 RONMENTAL CONSERVATION OR THE COMMISSIONER OF THE OFFICE OF PARKS,
25 RECREATION AND HISTORIC PRESERVATION, AS SET FORTH IN SECTION 56-0307 OF
26 THE ENVIRONMENTAL CONSERVATION LAW OR SECTION NINETY-TWO-S OF THE STATE
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03990-02-9
A. 4199 2
1 FINANCE LAW, AS A DONATION QUALIFIED FOR A CREDIT UNDER THIS SECTION.
2 THE CREDIT ALLOWED UNDER THIS SECTION SHALL NOT EXCEED TWO HUNDRED FIFTY
3 THOUSAND DOLLARS FOR ANY FOUR CONSECUTIVE TAX YEARS.
4 (B) THE CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR
5 SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE HIGHER OF
6 THE AMOUNTS PRESCRIBED IN PARAGRAPHS (C) AND (D) OF SUBDIVISION ONE OF
7 THIS SECTION. HOWEVER, IF THE AMOUNT OF CREDIT ALLOWABLE UNDER THIS
8 SUBDIVISION FOR ANY TAXABLE YEAR REDUCES THE TAX TO SUCH AMOUNT, ANY
9 AMOUNT OF CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR MAY BE CARRIED OVER
10 TO THE FIFTEEN TAXABLE YEARS NEXT FOLLOWING SUCH TAXABLE YEAR AND MAY BE
11 DEDUCTED FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
12 S 3. Section 606 of the tax law is amended by adding a new subsection
13 (qq) to read as follows:
14 (QQ) CREDIT FOR CERTAIN REAL PROPERTY DONATIONS. (1) A TAXPAYER THAT
15 MAKES A QUALIFIED DONATION OF INTEREST IN REAL PROPERTY LOCATED IN NEW
16 YORK DURING THE TAXABLE YEAR THAT IS USEFUL FOR PUBLIC BEACH ACCESS OR
17 USE, PUBLIC ACCESS TO PUBLIC WATERS OR TRAILS, FISH AND WILDLIFE CONSER-
18 VATION, OR OTHER SIMILAR LAND CONSERVATION PURPOSES, AS DETERMINED BY
19 THE COMMISSIONER OF ENVIRONMENTAL CONSERVATION OR THE COMMISSIONER OF
20 THE OFFICE OF PARKS, RECREATION AND HISTORIC PRESERVATION, SHALL BE
21 ALLOWED A CREDIT AGAINST THE TAXES IMPOSED BY THIS ARTICLE EQUAL TO
22 TWENTY-FIVE PERCENT OF THE FAIR MARKET VALUE OF THE DONATED PROPERTY
23 INTEREST. TO BE ELIGIBLE FOR THIS CREDIT, THE INTEREST IN REAL PROPERTY
24 MUST BE DONATED TO THE STATE AND APPROVED BY THE COMMISSIONER OF ENVI-
25 RONMENTAL CONSERVATION OR THE COMMISSIONER OF THE OFFICE OF PARKS,
26 RECREATION AND HISTORIC PRESERVATION, AS SET FORTH IN SECTION 56-0307 OF
27 THE ENVIRONMENTAL CONSERVATION LAW OR SECTION NINETY-TWO-S OF THE STATE
28 FINANCE LAW, AS A DONATION QUALIFIED FOR A CREDIT UNDER THIS SECTION.
29 THE CREDIT ALLOWED UNDER THIS SECTION SHALL NOT EXCEED ONE HUNDRED THOU-
30 SAND DOLLARS FOR ANY FOUR CONSECUTIVE TAX YEARS.
31 (2) IF THE AMOUNT OF CREDIT ALLOWABLE UNDER THIS SUBSECTION FOR ANY
32 TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, ANY AMOUNT
33 OF CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR MAY BE CARRIED OVER TO THE
34 TEN TAXABLE YEARS NEXT FOLLOWING SUCH TAXABLE YEAR AND MAY BE DEDUCTED
35 FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
36 (3) IN THE CASE OF PROPERTY OWNED BY A MARRIED COUPLE, IF BOTH SPOUSES
37 ARE REQUIRED TO FILE SEPARATE NEW YORK STATE INCOME TAX RETURNS, THE
38 CREDIT ALLOWED BY THIS SUBSECTION MAY BE CLAIMED BY EITHER SPOUSE OR
39 PARTIALLY BY BOTH SPOUSES WITH THE SUM TOTAL OF THE CREDITS CLAIMED BY
40 BOTH TAXPAYERS IN ALL TAX YEARS NOT EXCEEDING THE AMOUNT OF THE CREDIT
41 EARNED UNDER PARAGRAPH ONE OF THIS SUBSECTION. IF ONLY ONE SPOUSE IS
42 REQUIRED TO FILE A NEW YORK STATE INCOME TAX RETURN, THAT SPOUSE MAY
43 CLAIM THE CREDIT ALLOWED BY THIS SUBSECTION ON A SEPARATE RETURN.
44 S 4. The state finance law is amended by adding a new section 99-q to
45 read as follows:
46 S 99-Q. REAL PROPERTY DONATION CREDIT TRANSITORY FUND. 1. THERE IS
47 HEREBY ESTABLISHED IN THE JOINT CUSTODY OF THE STATE COMPTROLLER AND THE
48 COMMISSIONER OF TAXATION AND FINANCE A SPECIAL REVENUE FUND TO BE KNOWN
49 AS THE "REAL PROPERTY DONATION CREDIT TRANSITORY FUND" WHICH SHALL
50 CONSIST OF THE REAL PROPERTY DONATION CREDIT TRANSITORY ACCOUNT.
51 2. THE REAL PROPERTY DONATION CREDIT TRANSITORY ACCOUNT SHALL CONSIST
52 OF ALL MONEYS CREDITED OR TRANSFERRED THERETO FROM THE ENVIRONMENTAL
53 PROTECTION FUND OR FROM THE SALE OF BONDS PURSUANT TO THE CLEAN WATER,
54 CLEAN AIR BOND ACT OF 1996 AS FULL FUNDING FOR TAX CREDITS APPROVED AS
55 COMPENSATION FOR LAND DONATED TO THE STATE IN ACCORDANCE WITH PROVISIONS
56 OF SECTION 56-0307 OF THE ENVIRONMENTAL CONSERVATION LAW OR SECTION
A. 4199 3
1 NINETY-TWO-S OF THIS ARTICLE AND SUBDIVISION FORTY-ONE OF SECTION TWO
2 HUNDRED TEN OR SUBSECTION (QQ) OF SECTION SIX HUNDRED SIX OF THE TAX
3 LAW. THE FULL AMOUNT OF TAX CREDITS EARNED BY TAXPAYERS UNDER SUBDIVI-
4 SION FORTY-ONE OF SECTION TWO HUNDRED TEN AND SUBSECTION (QQ) OF SECTION
5 SIX HUNDRED SIX OF THE TAX LAW SHALL BE CREDITED OR TRANSFERRED THERETO
6 FROM THE ENVIRONMENTAL PROTECTION FUND AT THE TIME OF APPROVAL.
7 3. MONEYS IN THE REAL PROPERTY DONATION CREDIT TRANSITORY FUND MAY BE
8 INVESTED BY THE COMPTROLLER PURSUANT TO SECTION NINETY-EIGHT-A OF THIS
9 ARTICLE, AND ANY INCOME RECEIVED BY THE COMPTROLLER SHALL BE USED FOR
10 THE PURPOSES OF SUCH FUND.
11 4. THE MONEYS HELD IN OR CREDITED TO THE FUND SHALL BE EXPENDED FOR
12 LAND CONSERVATION PURPOSES, AND MAY NOT BE INTERCHANGED OR COMMINGLED
13 WITH ANY OTHER ACCOUNT OR FUND BUT MAY BE COMMINGLED WITH ANY OTHER FUND
14 OR ACCOUNT FOR INVESTMENT PURPOSES.
15 5. IF THE COMMISSIONER OF TAXATION AND FINANCE DETERMINES THAT ANY OF
16 THE CREDITS EARNED UNDER SUBDIVISION FORTY-ONE OF SECTION TWO HUNDRED
17 TEN OR SUBSECTION (QQ) OF SECTION SIX HUNDRED SIX OF THE TAX LAW WERE
18 NOT REDEEMED, THE AMOUNT OF UNREDEEMED CREDITS SHALL BE CREDITED OR
19 TRANSFERRED TO THE ENVIRONMENTAL PROTECTION FUND.
20 S 5. Paragraph (d) of subdivision 6 of section 92-s of the state
21 finance law, as amended by section 13 of part E of chapter 61 of the
22 laws of 2000, is amended to read as follows:
23 (d) Moneys from the open space account shall be available, pursuant to
24 appropriation, for any open space land conservation project INCLUDING
25 TAX CREDITS FOR CERTAIN REAL PROPERTY DONATIONS PURSUANT TO SUBDIVISION
26 FORTY-ONE OF SECTION TWO HUNDRED TEN AND SUBSECTION (QQ) OF SECTION SIX
27 HUNDRED SIX OF THE TAX LAW, bio-diversity stewardship and research
28 pursuant to chapter five hundred fifty-four of the laws of nineteen
29 hundred ninety-three, for the purposes of agricultural and farmland
30 protection activities as authorized by article twenty-five-AAA of the
31 agriculture and markets law, non-point source abatement and control
32 projects pursuant to section 17-1409 of the environmental conservation
33 law and section eleven-b of the soil and water conservation districts
34 law, for Long Island Central Pine Barrens area planning or Long Island
35 south shore estuary reserve planning pursuant to title thirteen of arti-
36 cle fifty-four of the environmental conservation law, and for operation
37 and management of the Albany Pine Bush preserve commission pursuant to
38 subdivision two of section 54-0303 of the environmental conservation
39 law.
40 S 6. Subdivision 4 of section 56-0307 of the environmental conserva-
41 tion law, as added by chapter 413 of the laws of 1996, is amended to
42 read as follows:
43 4. The cost of an open space land conservation project shall include
44 the cost of preparation of a management plan for the preservation and
45 beneficial enjoyment of the land acquired pursuant to this section
46 except where such considerations have already been undertaken as part of
47 any existing plan applicable to the newly acquired land. THE COST OF AN
48 OPEN SPACE LAND CONSERVATION PROJECT SHALL BE DEEMED TO INCLUDE TAX
49 CREDITS FOR CERTAIN REAL PROPERTY DONATIONS PURSUANT TO SUBDIVISION
50 FORTY-ONE OF SECTION TWO HUNDRED TEN AND SUBSECTION (QQ) OF SECTION SIX
51 HUNDRED SIX OF THE TAX LAW, WHEN SUCH TAX CREDIT REPLACES ANY OTHER
52 COMPENSATION FOR THE STATE ACQUIRING TITLE TO THE PROPERTY.
53 S 7. This act shall take effect on the first of January next succeed-
54 ing the date on which it shall have become a law.
