Bill Text: NY A05876 | 2009-2010 | General Assembly | Introduced
Bill Title: Makes technical corrections to the conservation easement tax credit.
Spectrum: Partisan Bill (Democrat 22-1)
Status: (Introduced - Dead) 2010-07-01 - held for consideration in ways and means [A05876 Detail]
Download: New_York-2009-A05876-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
5876
2009-2010 Regular Sessions
I N A S S E M B L Y
February 20, 2009
___________
Introduced by M. of A. SWEENEY, BRADLEY, JAFFEE, GALEF, MAGNARELLI,
FIELDS, CAHILL, ESPAILLAT, ENGLEBRIGHT -- Multi-Sponsored by -- M. of
A. BOYLAND, CANESTRARI, CLARK, DelMONTE, EDDINGTON, GUNTHER, KOON,
LUPARDO, MAGEE, McENENY, MOLINARO, REILLY, ROSENTHAL, STIRPE, WEISEN-
BERG -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to making technical corrections
to the conservation easement tax credit
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Paragraph 1 of subsection (kk) of section 606 of the tax
2 law, as added by section 1 of part F of chapter 62 of the laws of 2006,
3 is amended to read as follows:
4 (1) Credit allowed. In the case of a taxpayer who owns land that is
5 subject to a conservation easement held by a public or private conserva-
6 tion agency, there shall be allowed a credit for twenty-five percent of
7 the [allowable school district, county and town] real property taxes
8 PAID on [such] THE land, OR PORTION OF THE LAND, SUBJECT TO THE
9 EASEMENT. In no event shall the credit allowed under this subsection in
10 combination with any other credit for [such school district, county and
11 town] real property taxes under this section exceed such taxes.
12 S 2. Subdivision 38 of section 210 of the tax law, as added by section
13 3 of part F of chapter 62 of the laws of 2006, is renumbered subdivision
14 41 and is amended to read as follows:
15 41. Conservation easement tax credit. (1) Credit allowed. In the case
16 of a taxpayer who owns land that is subject to a conservation easement
17 held by a public or private conservation agency, there shall be allowed
18 a credit for twenty-five percent of the [allowable school district,
19 county and town] real property taxes PAID on [such] THE land, OR PORTION
20 OF THE LAND, SUBJECT TO THE EASEMENT. In no such case shall the credit
21 allowed under this subdivision in combination with any other credit for
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02873-01-9
A. 5876 2
1 [such school district, county and town] real property taxes under this
2 section exceed such taxes.
3 (2) Conservation easement. For purposes of this subdivision, the term
4 "conservation easement" means a perpetual and permanent conservation
5 easement as defined in article forty-nine of the environmental conserva-
6 tion law that serves to protect open space, scenic, natural resources,
7 biodiversity, agricultural, watershed and/or historic preservation
8 resources. Any conservation easement for which a tax credit is claimed
9 under this subdivision shall be filed with the department of environ-
10 mental conservation, as provided for in article forty-nine of the envi-
11 ronmental conservation law and such conservation easement shall comply
12 with the provisions of title three of such article, and the provisions
13 of subdivision (h) of section 170 of the internal revenue code. Dedi-
14 cations of land for open space through the execution of conservation
15 easements for the purpose of fulfilling density requirements to obtain
16 subdivision or building permits shall not be considered a conservation
17 easement under this subdivision.
18 (3) Land. For purposes of this subdivision, the term "land" means a
19 fee simple title to real property located in this state, with or without
20 improvements thereon; rights of way; water and riparian rights; ease-
21 ments; privileges and all other rights or interests of any land or
22 description in, relating to or connected with real property, excluding
23 buildings, structures, or improvements.
24 (4) Public or private conservation agency. For purposes of this subdi-
25 vision, the term "public or private conservation agency" means any
26 state, local, or federal governmental body; or any private not-for-pro-
27 fit charitable corporation or trust which is authorized to do business
28 in the state of New York, is organized and operated to protect land for
29 natural resources, conservation or historic preservation purposes, is
30 exempt from federal income taxation under section 501(c)(3) of the
31 internal revenue code, and has the power to acquire, hold and maintain
32 land and/or interests in land for such purposes.
33 (5) Credit limitation. The amount of the credit that may be claimed by
34 a taxpayer pursuant to this subsection shall not exceed five thousand
35 dollars in any given year.
36 (6) Application of the credit. The credit allowed under this subdivi-
37 sion for any taxable year shall not reduce the tax due for such year to
38 less than the higher of the amounts prescribed in paragraphs (c) and (d)
39 of subdivision one of this section. However, if the amount of the credit
40 allowed under this subdivision for any taxable year reduces the tax to
41 such amount, any amount of the credit thus not deductible in such taxa-
42 ble year shall be treated as an overpayment of tax to be credited or
43 refunded in accordance with the provisions of subsection (c) of section
44 [ten hundred] ONE THOUSAND eighty-eight of this chapter, except that, no
45 interest shall be paid thereon.
46 S 3. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
47 of the tax law, as amended by section 2 of part ZZ-1 of chapter 57 of
48 the laws of 2008, is amended to read as follows:
49 (B) shall be treated as the owner of a new business with respect to
50 such share if the corporation qualifies as a new business pursuant to
51 paragraph (j) of subdivision twelve of section two hundred ten of this
52 chapter.
53 The corporation's credit base under
A. 5876 3
1 section two hundred ten or section
2 With respect to the following fourteen hundred fifty-six of this
3 credit under this section: chapter is:
4 Investment tax credit Investment credit base
5 under subsection (a) or qualified
6 rehabilitation
7 expenditures under
8 subdivision twelve of
9 section two hundred ten
10 Empire zone Cost or other basis
11 investment tax credit under subdivision
12 under subsection (j) twelve-B
13 of section two hundred
14 ten
15 Empire zone Eligible wages under
16 wage tax credit subdivision nineteen of
17 under subsection (k) section two hundred ten
18 or subsection (e) of
19 section fourteen hundred
20 fifty-six
21 Empire zone Qualified investments
22 capital tax credit and contributions under
23 under subsection (l) subdivision twenty of
24 section two hundred ten
25 or subsection (d) of
26 section fourteen hundred
27 fifty-six
28 Agricultural property tax Allowable school
29 credit under subsection (n) district property taxes under
30 subdivision twenty-two of
31 section two hundred ten
32 Credit for employment Qualified first-year wages or
33 of persons with dis- qualified second-year wages
34 abilities under under subdivision
35 subsection (o) twenty-three of section
36 two hundred ten
37 or subsection (f)
38 of section fourteen
39 hundred fifty-six
40 Employment incentive Applicable investment credit
41 credit under subsec- base under subdivision
42 tion (a-1) twelve-D of section two
43 hundred ten
44 Empire zone Applicable investment
45 employment credit under sub-
46 incentive credit under division twelve-C
47 subsection (j-1) of section two hundred ten
A. 5876 4
1 Alternative fuels credit Cost under subdivision
2 under subsection (p) twenty-four of section two
3 hundred ten
4 Qualified emerging Applicable credit base
5 technology company under subdivision twelve-E
6 employment credit of section two hundred ten
7 under subsection (q)
8 Qualified emerging Qualified investments under
9 technology company subdivision twelve-F of
10 capital tax credit section two hundred ten
11 under subsection (r)
12 Credit for purchase of an Cost of an automated
13 automated external defibrillator external defibrillator under
14 under subsection (s) subdivision twenty-five of
15 section two hundred ten
16 or subsection (j) of section
17 fourteen hundred fifty-six
18 Low-income housing Credit amount under
19 credit under subsection (x) subdivision thirty
20 of section two hundred ten or
21 subsection (l) of section
22 fourteen hundred fifty-six
23 Credit for transportation Amount of credit under sub-
24 improvement contributions division thirty-two of section
25 under subsection (z) two hundred ten or subsection
26 (n) of section fourteen
27 hundred fifty-six
28 QEZE credit for real property Amount of credit under
29 taxes under subsection (bb) subdivision twenty-seven of
30 section two hundred ten or
31 subsection (o) of section
32 fourteen hundred fifty-six
33 QEZE tax reduction credit Amount of benefit period
34 under subsection (cc) factor, employment increase factor
35 and zone allocation
36 factor (without regard
37 to pro ration) under
38 subdivision twenty-eight of
39 section two hundred ten or
40 subsection (p) of section
41 fourteen hundred fifty-six
42 and amount of tax factor
43 as determined under
44 subdivision (f) of section sixteen
45 Green building credit Amount of green building credit
46 under subsection (y) under subdivision thirty-one
47 of section two hundred ten
48 or subsection (m) of section
A. 5876 5
1 fourteen hundred fifty-six
2 Credit for long-term Qualified costs under
3 care insurance premiums subdivision twenty-five-a of
4 under subsection (aa) section two hundred ten
5 or subsection (k) of section
6 fourteen hundred fifty-six
7 Brownfield redevelopment Amount of credit
8 credit under subsection under subdivision
9 (dd) thirty-three of section
10 two hundred ten
11 or subsection (q) of
12 section fourteen hundred
13 fifty-six
14 Remediated brownfield Amount of credit under
15 credit for real property subdivision thirty-four
16 taxes for qualified of section two hundred
17 sites under subsection ten or subsection (r) of
18 (ee) section fourteen hundred
19 fifty-six
20 Environmental Amount of credit under
21 remediation subdivision thirty-five of
22 insurance credit under section two hundred
23 subsection (ff) ten or subsection
24 (s) of section
25 fourteen hundred
26 fifty-six
27 Empire state film production Amount of credit for qualified
28 credit under subsection (gg) production costs in production
29 of a qualified film under
30 subdivision thirty-six of
31 section two hundred ten
32 Qualified emerging Qualifying expenditures and
33 technology company facilities, development activities under
34 operations and training credit subdivision twelve-G of section
35 under subsection (nn) two hundred ten
36 Security training tax Amount of credit
37 credit under under subdivision thirty-seven
38 subsection (ii) of section two hundred ten or
39 under subsection (t) of
40 section fourteen hundred fifty-six
41 Credit for qualified fuel Amount of credit under
42 cell electric generating equipment subdivision thirty-seven
43 expenditures under subsection (g-2) of section two hundred ten
44 or subsection (t) of
45 section fourteen hundred
46 fifty-six
A. 5876 6
1 Empire state commercial production Amount of credit for qualified
2 credit under subsection (jj) production costs in production
3 of a qualified commercial under
4 subdivision thirty-eight of sec-
5 tion two hundred ten
6 Biofuel production Amount of credit
7 tax credit under under subdivision
8 subsection (jj) thirty-eight of
9 section two hundred ten
10 CONSERVATION EASEMENT TAX AMOUNT OF CREDIT UNDER
11 CREDIT UNDER SUBSECTION (KK) SUBDIVISION FORTY-ONE OF
12 SECTION TWO HUNDRED TEN
13 Clean heating fuel credit Amount of credit under
14 under subsection (mm) subdivision thirty-nine of
15 section two hundred ten
16 Credit for rehabilitation Amount of credit under
17 of historic properties subdivision forty of
18 under subsection (oo) subsection two hundred ten
19 Credit for companies who Amount of credit under
20 provide transportation subdivision forty of
21 to individuals section two hundred ten
22 with disabilities
23 under subsection (oo)
24 S 4. This act shall take effect immediately and shall be made applica-
25 ble to taxable years commencing on and after January 1, 2009 and there-
26 after; provided, however that the empire state film production credit
27 under subsection (gg), the empire state commercial production credit
28 under subsection (jj) and the credit for companies who provide transpor-
29 tation to handicapped individuals under subsection (oo) of section 606
30 of the tax law contained in section three of this act shall expire on
31 the same date as provided in section 9 of part P of chapter 60 of the
32 laws of 2004, as amended, section 10 of part V of chapter 62 of the laws
33 of 2006, and section 5 of chapter 522 of the laws of 2006, as amended,
34 respectively.
