Bill Text: NY S01921 | 2015-2016 | General Assembly | Amended

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Bill Title: Makes technical corrections to the conservation easement tax credit.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2016-05-10 - referred to ways and means [S01921 Detail]

Download: New_York-2015-S01921-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         1921--A
                               2015-2016 Regular Sessions
                    IN SENATE
                                    January 15, 2015
                                       ___________
        Introduced  by  Sen.  MARCELLINO  -- read twice and ordered printed, and
          when printed to be committed to the Committee  on  Investigations  and
          Government  Operations  --  recommitted  to  the Committee on Investi-
          gations and Government Operations in accordance with  Senate  Rule  6,
          sec.  8  --  committee  discharged, bill amended, ordered reprinted as
          amended and recommitted to said committee
        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    §  2.  Subdivision  22  of  section  210-B of the tax law, as added by
    13  section 17 of part A of chapter 59 of the laws of  2014,  is  renumbered
    14  subdivision 49 and is amended to read as follows:
    15    49.  Conservation easement tax credit. (a) 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.
                                                                   LBD06728-02-6