Bill Text: NY S03515 | 2011-2012 | General Assembly | Introduced

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Bill Title: Provides a tax credit for donations of land, easements on land and other interests in real property for conservation purposes; provides that the credit shall be fifty percent of the amount of the taxpayer's qualified New York conservation contribution which qualifies for the deduction for the taxable year.

Spectrum: Partisan Bill (Republican 5-0)

Status: (Introduced - Dead) 2012-01-04 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S03515 Detail]

Download: New_York-2011-S03515-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
           S. 3515                                                  A. 5642
                              2011-2012 Regular Sessions
                             S E N A T E - A S S E M B L Y
                                   February 24, 2011
                                      ___________
       IN  SENATE  -- Introduced by Sens. LAVALLE, HANNON, LARKIN, RANZENHOFER,
         SEWARD -- read twice and ordered  printed,  and  when  printed  to  be
         committed to the Committee on Investigations and Government Operations
       IN  ASSEMBLY -- Introduced by M. of A. SWEENEY -- read once and referred
         to the Committee on Ways and Means
       AN ACT to amend the tax law, in relation to providing a tax credit under
         article 9-A and article 22 thereof for donations of land, easements on
         land and other interests in real property for conservation purposes
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Section  210  of  the  tax law is amended by adding a new
    2  subdivision 43 to read as follows:
    3    43. QUALIFIED NEW YORK CONSERVATION CONTRIBUTION CREDIT. (A)  GENERAL.
    4  A  TAXPAYER  SHALL  BE  ALLOWED  A CREDIT, TO BE COMPUTED AS HEREINAFTER
    5  PROVIDED, AGAINST THE TAX IMPOSED BY THIS  ARTICLE,  FOR  QUALIFIED  NEW
    6  YORK CONSERVATION CONTRIBUTIONS MADE DURING THE TAXABLE YEAR.
    7    (B)  QUALIFIED NEW YORK CONSERVATION CONTRIBUTION. THE TERM "QUALIFIED
    8  NEW YORK  CONSERVATION  CONTRIBUTION"  MEANS  A  QUALIFIED  CONSERVATION
    9  CONTRIBUTION  WITHIN  THE  MEANING OF PARAGRAPH ONE OF SUBSECTION (H) OF
   10  SECTION ONE HUNDRED SEVENTY OF THE INTERNAL REVENUE CODE, BUT ONLY  WITH
   11  RESPECT  TO  A  QUALIFIED REAL PROPERTY INTEREST, AS DEFINED UNDER PARA-
   12  GRAPH TWO OF SUCH SUBSECTION (H),  WHICH  IS  LOCATED  WITHIN  NEW  YORK
   13  STATE.  PROVIDED,  FURTHER,  THAT A QUALIFIED REAL PROPERTY INTEREST, AS
   14  DEFINED UNDER SUBPARAGRAPH (C) OF PARAGRAPH TWO OF SUCH SUBSECTION  (H),
   15  MUST  ALSO MEET THE REQUIREMENTS OF TITLE THREE OF ARTICLE FORTY-NINE OF
   16  THE ENVIRONMENTAL CONSERVATION LAW.
   17    (C) AMOUNT OF THE CREDIT. THE AMOUNT OF  THE  CREDIT  SHALL  BE  FIFTY
   18  PERCENT  OF THE AMOUNT OF THE TAXPAYER'S QUALIFIED NEW YORK CONSERVATION
   19  CONTRIBUTION WHICH QUALIFIES FOR THE  DEDUCTION  FOR  THE  TAXABLE  YEAR
   20  UNDER  SUBSECTION  (A)  OF  SECTION  ONE HUNDRED SEVENTY OF THE INTERNAL
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD02884-01-1
       S. 3515                             2                            A. 5642
    1  REVENUE CODE (WITHOUT REGARD TO WHETHER THE TAXPAYER IN FACT CLAIMED THE
    2  DEDUCTION UNDER SUCH SUBSECTION (A) OF SECTION ONE HUNDRED  SEVENTY  FOR
    3  THE TAXABLE YEAR), SUCH DEDUCTION TO BE DETERMINED WITHOUT REGARD TO THE
    4  LIMITATIONS  SET  FORTH  IN  SUBSECTION  (B) OF SUCH SECTION ONE HUNDRED
    5  SEVENTY. THE CREDIT ALLOWED TO A TAXPAYER UNDER THIS  SUBDIVISION  SHALL
    6  NOT  EXCEED TWO HUNDRED FIFTY THOUSAND DOLLARS WITH RESPECT TO ANY TAXA-
    7  BLE YEAR.
    8    (D) CARRYOVERS. IN NO EVENT SHALL THE CREDIT UNDER THIS SUBDIVISION BE
    9  ALLOWED IN AN AMOUNT WHICH WILL REDUCE THE TAX PAYABLE TO LESS THAN  THE
   10  HIGHER  OF  THE AMOUNTS PRESCRIBED IN PARAGRAPHS (C) AND (D) OF SUBDIVI-
   11  SION ONE OF THIS SECTION. PROVIDED, HOWEVER, THAT IF THE AMOUNT OF CRED-
   12  IT ALLOWABLE UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR REDUCES THE TAX
   13  TO SUCH AMOUNT, ANY AMOUNT OF CREDIT NOT DEDUCTED  FROM  THE  TAXPAYER'S
   14  TAX  FOR  SUCH  YEAR  MAY  BE CARRIED OVER TO THE TEN TAXABLE YEARS NEXT
   15  FOLLOWING SUCH TAXABLE YEAR AND MAY BE DEDUCTED FROM THE TAXPAYER'S  TAX
   16  FOR SUCH YEAR OR YEARS.
   17    S  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
   18  of the tax law is amended by adding a new  clause  (xxxii)  to  read  as
   19  follows:
   20  (XXXII) QUALIFIED NEW YORK           AMOUNT OF QUALIFIED
   21  CONSERVATION CONTRIBUTION            CONSERVATION CONTRIBUTION UNDER
   22  CREDIT UNDER SUBSECTION (SS)         SUBDIVISION FORTY-THREE OF
   23                                       SECTION TWO HUNDRED TEN
   24    S  3. Section 606 of the tax law is amended by adding a new subsection
   25  (ss) to read as follows:
   26    (SS) QUALIFIED NEW YORK CONSERVATION CONTRIBUTION CREDIT.  (1)  GENER-
   27  AL.  A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS HEREINAFTER
   28  PROVIDED,  AGAINST  THE  TAX  IMPOSED BY THIS ARTICLE, FOR QUALIFIED NEW
   29  YORK CONSERVATION CONTRIBUTIONS MADE DURING THE TAXABLE YEAR.
   30    (2) QUALIFIED NEW YORK CONSERVATION CONTRIBUTION. THE TERM  "QUALIFIED
   31  NEW  YORK  CONSERVATION  CONTRIBUTION"  MEANS  A  QUALIFIED CONSERVATION
   32  CONTRIBUTION WITHIN THE MEANING OF PARAGRAPH ONE OF  SUBSECTION  (H)  OF
   33  SECTION  ONE HUNDRED SEVENTY OF THE INTERNAL REVENUE CODE, BUT ONLY WITH
   34  RESPECT TO A QUALIFIED REAL PROPERTY INTEREST, AS  DEFINED  UNDER  PARA-
   35  GRAPH  TWO  OF  SUCH  SUBSECTION  (H),  WHICH IS LOCATED WITHIN NEW YORK
   36  STATE. PROVIDED, FURTHER, THAT A QUALIFIED REAL  PROPERTY  INTEREST,  AS
   37  DEFINED  UNDER SUBPARAGRAPH (C) OF PARAGRAPH TWO OF SUCH SUBSECTION (H),
   38  MUST ALSO MEET THE REQUIREMENTS OF TITLE THREE OF ARTICLE FORTY-NINE  OF
   39  THE ENVIRONMENTAL CONSERVATION LAW.
   40    (3)  AMOUNT  OF  THE  CREDIT.  THE AMOUNT OF THE CREDIT SHALL BE FIFTY
   41  PERCENT OF THE AMOUNT OF THE TAXPAYER'S QUALIFIED NEW YORK  CONSERVATION
   42  CONTRIBUTION  WHICH  QUALIFIES  FOR  THE  DEDUCTION FOR THE TAXABLE YEAR
   43  UNDER SUBSECTION (A) OF SECTION ONE  HUNDRED  SEVENTY  OF  THE  INTERNAL
   44  REVENUE CODE (WITHOUT REGARD TO WHETHER THE TAXPAYER IN FACT CLAIMED THE
   45  DEDUCTION  UNDER  SUCH SUBSECTION (A) OF SECTION ONE HUNDRED SEVENTY FOR
   46  THE TAXABLE YEAR), SUCH DEDUCTION TO BE DETERMINED WITHOUT REGARD TO THE
   47  LIMITATIONS SET FORTH IN SUBSECTION (B)  OF  SUCH  SECTION  ONE  HUNDRED
   48  SEVENTY.  THE  CREDIT  ALLOWED TO A TAXPAYER UNDER THIS SUBSECTION SHALL
   49  NOT EXCEED TWO HUNDRED FIFTY THOUSAND DOLLARS WITH RESPECT TO ANY  TAXA-
   50  BLE YEAR.
   51    (4)  CARRYOVERS. IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS SUBSECTION
   52  FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR,  THE
   53  EXCESS  MAY BE CARRIED OVER TO THE TEN TAXABLE YEARS NEXT FOLLOWING SUCH
   54  TAXABLE YEAR AND MAY BE DEDUCTED FROM THE TAXPAYER'S TAX FOR  SUCH  YEAR
   55  OR YEARS.
       S. 3515                             3                            A. 5642
    1    (5) HUSBAND AND WIFE. IN THE CASE OF A HUSBAND AND WIFE, THE AMOUNT OF
    2  THE CREDIT SHALL BE DIVIDED BETWEEN THEM EQUALLY OR IN SUCH OTHER MANNER
    3  AS THEY MAY BOTH ELECT.
    4    S 4. This act shall take effect immediately and shall apply to taxable
    5  years beginning on and after January 1, 2011.