NY State Senate Bill 2009-S326

Senate Bill S326

2009-2010 Legislative Session

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

download bill text pdf

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

Please enter your contact information

First Name

Last Name

Email Address

A valid email address is required.

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 06, 2010	referred to investigations and government operations
Jan 07, 2009	referred to investigations and government operations

2009-S326 (ACTIVE) - Details

See Assembly Version of this Bill:: A563
Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §§606 & 210, Tax L
Versions Introduced in Other Legislative Sessions:: 2011-2012: S346, A152
2013-2014: S1005, A4512
2015-2016: S602, A3377, A8178
2017-2018: S138, A1874
2019-2020: S1939, A2296
2021-2022: S5181, A787
2023-2024: S31, A161

2009-S326 (ACTIVE) - Summary

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

2009-S326 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S326

 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 provide for a forestry stewardship and habitat conservation income
tax credit for landowners in New York State.

 SUMMARY OF PROVISIONS :
Section one - adds a new subsection (qq) 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 41 to section 210 of the tax
law to provide for the forestry stewardship and habitat conservation

tax credit.

Section four - amends paragraph (d) of subsection 22 of section 210 of
the tax law, as amended by section 4 of part F of chapter 62 of the
laws of 2006.

Section five - amends subparagraph (B) of paragraph 1 of subsection
(i) of section 606 of the tax law, as separately amended by chapters
522 and 547 of the laws of 2006 to provide for the forest stewardship
and habitat conservation credit under subsection (gg).

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 :
2007/08: S.5538-A Investigations and Government Operations

 FISCAL IMPLICATIONS :
To be determined.

 EFFECTIVE DATE :
This act shall take effect immediately.

2009-S326 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

    S. 326                                                    A. 563

                       2009-2010 Regular Sessions

                      S E N A T E - A S S E M B L Y

                               (PREFILED)

                             January 7, 2009
                               ___________

IN  SENATE -- Introduced by Sen. LITTLE -- read twice and ordered print-
  ed, and when printed to be committed  to  the  Committee  on  Investi-
  gations and Government Operations

IN  ASSEMBLY -- Introduced by M. of A. SAYWARD -- read once and referred
  to the Committee on Ways and Means

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

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Section  606  of  the  tax law is amended by adding a new
subsection (qq) to read as follows:
  (QQ) FORESTRY STEWARDSHIP AND HABITAT CONSERVATION CREDIT. (1) IN  THE
CASE  OF  A TAXPAYER WHO OWNS LAND THAT IS SUBJECT  TO AN AGREEMENT WITH
THE DEPARTMENT OF ENVIRONMENTAL CONSERVATION,  BY  WHICH  SUCH  LAND  IS
COMMITTED  TO  FORESTRY  STEWARDSHIP,  OR HABITAT CONSERVATION, OR BOTH,
THERE SHALL BE ALLOWED A CREDIT FOR TWENTY-FIVE PERCENT OF THE ALLOWABLE
SCHOOL DISTRICT, COUNTY AND TOWN AND REAL PROPERTY TAXES ON  SUCH  LAND.
IN  NO  EVENT SHALL THE CREDIT ALLOWED UNDER THIS SUBSECTION IN COMBINA-
TION WITH ANY OTHER CREDIT FOR SUCH SCHOOL  DISTRICT,  COUNTY  AND  TOWN
REAL PROPERTY TAXES UNDER THIS SECTION EXCEED SUCH TAXES.
  (2) FOR THE PURPOSES OF THIS SUBSECTION:
  (A)  "ELIGIBLE  TRACT"  SHALL  MEAN  A  TRACT  OF  LAND  OF  AT  LEAST
TWENTY-FIVE CONTIGUOUS ACRES THAT HAS BEEN INSPECTED BY  THE  DEPARTMENT
OF  ENVIRONMENTAL  CONSERVATION,  A  WILDLIFE BIOLOGIST CERTIFIED BY THE
WILDLIFE SOCIETY, OR A FISHERIES BIOLOGIST  CERTIFIED  BY  THE  AMERICAN
FISHERIES  SOCIETY,  AND  BASED  ON SUCH INSPECTION IS DETERMINED BY THE
DEPARTMENT OF ENVIRONMENTAL CONSERVATION TO  BE:  VALUABLE  HABITAT  FOR
WILDLIFE, FISH, SHELLFISH OR CRUSTACEA; OR SAFE AND SUITABLE FOR FISH OR

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

                                                           LBD00522-01-9

S. 326                              2                             A. 563

WILDLIFE-RELATED  RECREATION,  INCLUDING  FISHING, HUNTING, TRAPPING AND
WILDLIFE OBSERVATION; OR BOTH. LAND  DIVIDED  ONLY  BY  FEDERAL,  STATE,
COUNTY OR TOWN ROADS, EASEMENTS OR RIGHTS-OF-WAY, OR ENERGY TRANSMISSION
CORRIDORS  OR  SIMILAR  FACILITIES  SHALL  BE  CONSIDERED CONTIGUOUS FOR
PURPOSES OF THIS SECTION.
  (B) "AGREEMENT" SHALL MEAN A WRITTEN AGREEMENT BETWEEN THE  DEPARTMENT
OF  ENVIRONMENTAL  CONSERVATION  AND  THE  OWNER  OF  AN ELIGIBLE TRACT,
EXECUTED BY BOTH PARTIES, BY WHICH THE ELIGIBLE  TRACT IS  COMMITTED  TO
HABITAT  CONSERVATION, OR FORESTRY STEWARDSHIP, OR BOTH, FOR A PERIOD OF
NOT LESS THAN FIVE YEARS.
  (C) "APPROVED HABITAT CONSERVATION PLAN" SHALL MEAN A  PLAN,  APPROVED
BY  THE  DEPARTMENT OF ENVIRONMENTAL CONSERVATION, FOR THE MANAGEMENT OF
AN ELIGIBLE TRACT WHICH SHALL CONTAIN REQUIREMENTS  AND  STANDARDS  WITH
WHICH  THE  OWNER OF THE ELIGIBLE TRACT MUST COMPLY IN ORDER TO CONSERVE
THE VALUE OF THE LAND AS WILDLIFE, FISH, SHELLFISH, OR  CRUSTACEA  HABI-
TAT.
  (D)  "FORESTRY  STEWARDSHIP"  SHALL  MEAN  PARTICIPATION  IN  A FOREST
CERTIFICATION PROGRAM (SUCH AS FOREST STEWARDSHIP COUNCIL CERTIFICATION,
SUSTAINABLE FORESTRY  INITIATIVE,  AMERICAN  TREE  FARM  PROGRAM,  ETC.)
RECOGNIZED IN THE REGULATIONS OF THE DEPARTMENT OF ENVIRONMENTAL CONSER-
VATION.
  (3)  THERE IS HEREBY CREATED A NEW YORK STATE FORESTRY STEWARDSHIP AND
HABITAT CONSERVATION PROGRAM FOR THE PURPOSE OF PROVIDING FORESTED LANDS
IN THE STATE AND CONSERVING THE VALUE OF LAND IN THE STATE AS  WILDLIFE,
FISH, SHELLFISH OR CRUSTACEA HABITAT.
  (4)  A  LANDOWNER  MAY  MAKE APPLICATION TO THE DEPARTMENT OF ENVIRON-
MENTAL CONSERVATION, ON FORMS PRESCRIBED BY  SUCH  DEPARTMENT,  TO  HAVE
LAND  INCLUDED  IN  THE NEW YORK STATE HABITAT CONSERVATION AND FORESTRY
STEWARDSHIP PROGRAM. IF, BASED ON AN  INSPECTION  OF  THE  LAND  BY  THE
DEPARTMENT OF ENVIRONMENTAL CONSERVATION, OR A WILDLIFE BIOLOGIST CERTI-
FIED  BY THE WILDLIFE SOCIETY, OR A FISHERIES BIOLOGIST CERTIFIED BY THE
AMERICAN FISHERIES SOCIETY, THE DEPARTMENT OF ENVIRONMENTAL CONSERVATION
DETERMINES THAT SUCH LAND IS AN ELIGIBLE  TRACT,  IT  SHALL  NOTIFY  THE
LANDOWNER  THAT THE LAND IS ELIGIBLE FOR INCLUSION IN THE NEW YORK STATE
HABITAT CONSERVATION AND FORESTRY STEWARDSHIP PROGRAM.
  (5)  THE  DEPARTMENT  OF  ENVIRONMENTAL  CONSERVATION  MAY,   IN   ITS
DISCRETION,  ENTER  INTO  AGREEMENTS  WITH OWNERS OF ELIGIBLE TRACTS FOR
PURPOSES OF FORESTRY STEWARDSHIP, OR HABITAT CONSERVATION, OR BOTH. SUCH
AGREEMENTS SHALL BE FOR A MINIMUM DURATION  OF  FIVE  YEARS,  AND  SHALL
CONTAIN  A DESCRIPTION OF THE PROPERTY THAT IS THE SUBJECT OF THE AGREE-
MENT, AND SUCH TERMS AND CONDITIONS AS THE DEPARTMENT DEEMS APPROPRIATE,
INCLUDING, BUT NOT LIMITED TO:
  (A) FOR FORESTRY STEWARDSHIP AGREEMENTS, A DESCRIPTION OF THE  PARTIC-
IPATION  IN A FOREST CERTIFICATION PROGRAM FOR A PERIOD OF NOT LESS THAN
FIVE YEARS;
  (B) FOR HABITAT CONSERVATION AGREEMENTS, A REQUIREMENT THAT THE  LAND-
OWNER  DEVELOP  A HABITAT CONSERVATION PLAN AND IMPLEMENT THE PLAN FOR A
PERIOD OF NOT LESS THAN FIVE YEARS;
  (C) FOR HABITAT CONSERVATION AND FORESTRY  STEWARDSHIP  AGREEMENTS,  A
REQUIREMENT  THAT  THE LANDOWNER DEVELOP A HABITAT CONSERVATION PLAN AND
IMPLEMENT THE PLAN FOR A PERIOD OF NOT  LESS  THAN  FIVE  YEARS;  AND  A
DESCRIPTION  OF  PARTICIPATION  IN  A FOREST CERTIFICATION PROGRAM FOR A
PERIOD OF NOT LESS THAN FIVE YEARS;
  (D) A REQUIREMENT THAT THE LANDOWNER'S OBLIGATIONS CONCERNING THE LAND
UNDER THE TERMS OF THE AGREEMENT, AS WELL AS ANY BENEFITS, SHALL PASS TO

S. 326                              3                             A. 563

ANY SUCCESSOR IN INTEREST TO SUCH LAND FOR THE DURATION OF THE  TERM  OF
THE AGREEMENT; AND
  (E)  A REQUIREMENT THAT A COPY OF THE AGREEMENT SHALL BE DULY RECORDED
AND INDEXED AS SUCH IN THE OFFICE OF THE RECORDING OFFICER FOR THE COUN-
TY OR COUNTIES WHERE THE LAND IS SITUATE IN  THE  MANNER  PRESCRIBED  BY
ARTICLE  NINE  OF THE REAL PROPERTY LAW; AND THAT ANY SUBSEQUENT INSTRU-
MENT OF CONVEYANCE RELATING TO THE PROPERTY ENCUMBERED BY THE  AGREEMENT
SHALL  REFERENCE,  BY BOOK AND PAGE NUMBER, THE AGREEMENT; AND THAT SUCH
INSTRUMENT SHALL ALSO SPECIFY  THAT  THE  PROPERTY  IS  SUBJECT  TO  THE
RESTRICTIONS  CONTAINED IN THE AGREEMENT; AND THAT AN INSTRUMENT FOR THE
PURPOSE OF CREATING, CONVEYING, MODIFYING OR TERMINATING  THE  AGREEMENT
SHALL NOT BE EFFECTIVE UNLESS RECORDED.
  (6)  THE AMOUNT OF THE CREDIT THAT MAY BE CLAIMED BY A TAXPAYER PURSU-
ANT TO THIS SUBSECTION SHALL NOT EXCEED  TEN  THOUSAND  DOLLARS  IN  ANY
GIVEN YEAR.
  (7)  IF THE AMOUNT OF THE CREDIT UNDER THIS SUBSECTION FOR ANY TAXABLE
YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS SHALL  BE
TREATED  AS  AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORD-
ANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTI-
CLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREIN.
  S 2. 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, is
amended to read as follows:
  (4) Qualified agricultural property. For purposes of this  subsection,
the  term  "qualified  agricultural property" means land located in this
state which is used in agricultural production, and  land  improvements,
structures  and  buildings  (excluding buildings used for the taxpayer's
residential purpose) located on such land which are used or occupied  to
carry out such production. Qualified agricultural property also includes
land  set  aside  or  retired  under a federal supply management or soil
conservation program or land that at the time it becomes  subject  to  a
conservation easement, as defined under subsection (kk) of this section,
met  the requirements under this paragraph, AND LAND THAT AT THE TIME IT
BECOMES SUBJECT TO AN AGREEMENT AS DEFINED IN SUBSECTION  (QQ)  OF  THIS
SECTION MET THE REQUIREMENTS UNDER THIS PARAGRAPH.
  S 3. Section 210 of the tax law is amended by adding a new subdivision
41 to read as follows:
  41.  FORESTRY  STEWARDSHIP AND HABITAT CONSERVATION CREDIT. (1) IN THE
CASE OF A TAXPAYER WHO OWNS LAND THAT IS SUBJECT TO  AN  AGREEMENT  WITH
THE  DEPARTMENT  OF  ENVIRONMENTAL  CONSERVATION,  BY WHICH SUCH LAND IS
COMMITTED TO FORESTRY STEWARDSHIP, OR  HABITAT  CONSERVATION,  OR  BOTH,
THERE  SHALL  BE ALLOWED A CREDIT FOR  TWENTY-FIVE PERCENT OF THE ALLOW-
ABLE SCHOOL DISTRICT, COUNTY AND TOWN AND REAL PROPERTY  TAXES  ON  SUCH
LAND.  IN  NO  EVENT  SHALL THE CREDIT ALLOWED UNDER THIS SUBDIVISION IN
COMBINATION WITH ANY OTHER CREDIT FOR SUCH SCHOOL DISTRICT,  COUNTY  AND
TOWN REAL PROPERTY TAXES UNDER THIS SECTION EXCEED SUCH TAXES.
  (2) FOR THE PURPOSES OF THIS SUBDIVISION:
  (A)  "ELIGIBLE  TRACT"  SHALL  MEAN  A  TRACT  OF  LAND  OF  AT  LEAST
TWENTY-FIVE CONTIGUOUS ACRES THAT HAS BEEN INSPECTED BY  THE  DEPARTMENT
OF  ENVIRONMENTAL  CONSERVATION,  A  WILDLIFE BIOLOGIST CERTIFIED BY THE
WILDLIFE SOCIETY, OR A FISHERIES BIOLOGIST  CERTIFIED  BY  THE  AMERICAN
FISHERIES  SOCIETY,  AND  BASED  ON SUCH INSPECTION IS DETERMINED BY THE
DEPARTMENT OF ENVIRONMENTAL CONSERVATION TO  BE:  VALUABLE  HABITAT  FOR
WILDLIFE, FISH, SHELLFISH OR CRUSTACEA; OR SAFE AND SUITABLE FOR FISH OR
WILDLIFE-RELATED  RECREATION,  INCLUDING  FISHING, HUNTING, TRAPPING AND
WILDLIFE OBSERVATION; OR BOTH. LAND  DIVIDED  ONLY  BY  FEDERAL,  STATE,

S. 326                              4                             A. 563

COUNTY OR TOWN ROADS, EASEMENTS OR RIGHTS-OF-WAY, OR ENERGY TRANSMISSION
CORRIDORS  OR  SIMILAR  FACILITIES  SHALL  BE  CONSIDERED CONTIGUOUS FOR
PURPOSES OF THIS SECTION.
  (B)  "AGREEMENT" SHALL MEAN A WRITTEN AGREEMENT BETWEEN THE DEPARTMENT
OF ENVIRONMENTAL CONSERVATION  AND  THE  OWNER  OF  AN  ELIGIBLE  TRACT,
EXECUTED  BY  BOTH  PARTIES, BY WHICH THE ELIGIBLE TRACT IS COMMITTED TO
HABITAT CONSERVATION, OR FORESTRY STEWARDSHIP, OR BOTH, FOR A PERIOD  OF
NOT LESS THAN FIVE YEARS.
  (C)  "APPROVED  HABITAT CONSERVATION PLAN" SHALL MEAN A PLAN, APPROVED
BY THE DEPARTMENT OF ENVIRONMENTAL CONSERVATION, FOR THE  MANAGEMENT  OF
AN  ELIGIBLE  TRACT  WHICH SHALL CONTAIN REQUIREMENTS AND STANDARDS WITH
WHICH THE OWNER OF THE ELIGIBLE TRACT MUST COMPLY IN ORDER  TO  CONSERVE
THE  VALUE  OF THE LAND AS WILDLIFE, FISH, SHELLFISH, OR CRUSTACEA HABI-
TAT.
  (D) "FORESTRY  STEWARDSHIP"  SHALL  MEAN  PARTICIPATION  IN  A  FOREST
CERTIFICATION PROGRAM (SUCH AS FOREST STEWARDSHIP COUNCIL CERTIFICATION,
SUSTAINABLE  FORESTRY  INITIATIVE,  AMERICAN  TREE  FARM  PROGRAM, ETC.)
RECOGNIZED IN THE REGULATIONS OF THE DEPARTMENT OF ENVIRONMENTAL CONSER-
VATION.
  (3) THERE IS HEREBY CREATED A NEW YORK STATE FORESTRY STEWARDSHIP  AND
HABITAT CONSERVATION PROGRAM FOR THE PURPOSE OF PROVIDING FORESTED LANDS
IN  THE STATE AND CONSERVING THE VALUE OF LAND IN THE STATE AS WILDLIFE,
FISH, SHELLFISH OR CRUSTACEA HABITAT.
  (4) A LANDOWNER MAY MAKE APPLICATION TO  THE  DEPARTMENT  OF  ENVIRON-
MENTAL  CONSERVATION,  ON  FORMS  PRESCRIBED BY SUCH DEPARTMENT, TO HAVE
LAND INCLUDED IN THE NEW YORK STATE HABITAT  CONSERVATION  AND  FORESTRY
STEWARDSHIP  PROGRAM.  IF,  BASED  ON  AN  INSPECTION OF THE LAND BY THE
DEPARTMENT OF ENVIRONMENTAL CONSERVATION, OR A WILDLIFE BIOLOGIST CERTI-
FIED BY THE WILDLIFE SOCIETY, OR A FISHERIES BIOLOGIST CERTIFIED BY  THE
AMERICAN FISHERIES SOCIETY, THE DEPARTMENT OF ENVIRONMENTAL CONSERVATION
DETERMINES  THAT  SUCH  LAND  IS  AN ELIGIBLE TRACT, IT SHALL NOTIFY THE
LANDOWNER THAT THE LAND IS ELIGIBLE FOR INCLUSION IN THE NEW YORK  STATE
HABITAT CONSERVATION AND FORESTRY STEWARDSHIP PROGRAM.
  (5)   THE   DEPARTMENT  OF  ENVIRONMENTAL  CONSERVATION  MAY,  IN  ITS
DISCRETION, ENTER INTO AGREEMENTS WITH OWNERS  OF  ELIGIBLE  TRACTS  FOR
PURPOSES OF HABITAT CONSERVATION, OR FORESTRY STEWARDSHIP, OR BOTH. SUCH
AGREEMENTS  SHALL  BE  FOR  A  MINIMUM DURATION OF FIVE YEARS, AND SHALL
CONTAIN A DESCRIPTION OF THE PROPERTY THAT IS THE SUBJECT OF THE  AGREE-
MENT, AND SUCH TERMS AND CONDITIONS AS THE DEPARTMENT DEEMS APPROPRIATE,
INCLUDING, BUT NOT LIMITED TO:
  (A)  FOR FORESTRY STEWARDSHIP AGREEMENTS, A DESCRIPTION OF THE PARTIC-
IPATION IN A FOREST CERTIFICATION PROGRAM FOR A PERIOD OF NOT LESS  THAN
FIVE YEARS;
  (B)  FOR HABITAT CONSERVATION AGREEMENTS, A REQUIREMENT THAT THE LAND-
OWNER DEVELOP A HABITAT CONSERVATION PLAN AND IMPLEMENT THE PLAN  FOR  A
PERIOD OF NOT LESS THAN FIVE YEARS;
  (C)  FOR  HABITAT  CONSERVATION AND FORESTRY STEWARDSHIP AGREEMENTS, A
REQUIREMENT THAT THE LANDOWNER DEVELOP A HABITAT CONSERVATION  PLAN  AND
IMPLEMENT  THE  PLAN  FOR  A  PERIOD  OF NOT LESS THAN FIVE YEARS; AND A
DESCRIPTION OF PARTICIPATION IN A FOREST  CERTIFICATION  PROGRAM  FOR  A
PERIOD OF NOT LESS THAN FIVE YEARS;
  (D) A REQUIREMENT THAT THE LANDOWNER'S OBLIGATIONS CONCERNING THE LAND
UNDER THE TERMS OF THE AGREEMENT, AS WELL AS ANY BENEFITS, SHALL PASS TO
ANY  SUCCESSOR  IN INTEREST TO SUCH LAND FOR THE DURATION OF THE TERM OF
THE AGREEMENT; AND

S. 326                              5                             A. 563

  (E) A REQUIREMENT THAT A COPY OF THE AGREEMENT SHALL BE DULY  RECORDED
AND INDEXED AS SUCH IN THE OFFICE OF THE RECORDING OFFICER FOR THE COUN-
TY  OR  COUNTIES  WHERE  THE LAND IS SITUATE IN THE MANNER PRESCRIBED BY
ARTICLE NINE OF THE REAL PROPERTY LAW; AND THAT ANY  SUBSEQUENT  INSTRU-
MENT  OF CONVEYANCE RELATING TO THE PROPERTY ENCUMBERED BY THE AGREEMENT
SHALL REFERENCE, BY BOOK AND PAGE NUMBER, THE AGREEMENT; AND  THAT  SUCH
INSTRUMENT  SHALL  ALSO  SPECIFY  THAT  THE  PROPERTY  IS SUBJECT TO THE
RESTRICTIONS CONTAINED IN THE AGREEMENT; AND THAT AN INSTRUMENT FOR  THE
PURPOSE  OF  CREATING, CONVEYING, MODIFYING OR TERMINATING THE AGREEMENT
SHALL NOT BE EFFECTIVE UNLESS RECORDED.
  (6) THE AMOUNT OF THE CREDIT THAT MAY BE CLAIMED BY A TAXPAYER  PURSU-
ANT  TO  THIS  SUBDIVISION  SHALL NOT EXCEED TEN THOUSAND DOLLARS IN ANY
GIVEN YEAR.
  (7) IF THE AMOUNT OF THE CREDIT UNDER THIS SUBDIVISION FOR ANY TAXABLE
YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS SHALL  BE
TREATED  AS  AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORD-
ANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS CHAP-
TER, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREIN.
  S 4. Paragraph (d) of subdivision 22 of section 210 of the tax law, as
amended by section 4 of part F of chapter 62 of the  laws  of  2006,  is
amended to read as follows:
  (d) Qualified agricultural property. For purposes of this subdivision,
the  term  "qualified  agricultural property" means land located in this
state which is used in agricultural production, and  land  improvements,
structures  and  buildings  (excluding buildings used for the taxpayer's
residential purpose) located on such land which are used or occupied  to
carry out such production. Qualified agricultural property also includes
land  set  aside  or  retired  under a federal supply management or soil
conservation program [or], land that at the time it becomes subject to a
conservation easement, as defined under subdivision thirty-eight of this
section, met the requirements under this paragraph AND LAND THAT AT  THE
TIME  IT  BECOMES  SUBJECT  TO AN AGREEMENT AS DEFINED UNDER SUBDIVISION
FORTY-ONE OF THIS SECTION, MET THE REQUIREMENTS UNDER THIS PARAGRAPH.
  S 5. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
of  the  tax  law, as amended by section 2 of part ZZ-1 of chapter 57 of
the laws of 2008, is amended to read as follows:
  (B) shall be treated as the owner of a new business  with  respect  to
such  share  if  the corporation qualifies as a new business pursuant to
paragraph (j) of subdivision twelve of section two hundred ten  of  this
chapter.

                                     The corporation's credit base under
                                     section two hundred ten or section
With respect to the following        fourteen hundred fifty-six of this
credit under this section:           chapter is:

Investment tax credit                Investment credit base
under subsection (a)                 or qualified
                                     rehabilitation
                                     expenditures under
                                     subdivision twelve of
                                     section two hundred ten

Empire zone                          Cost or other basis
investment tax credit                under subdivision
under subsection (j)                 twelve-B

S. 326                              6                             A. 563

                                     of section two hundred
                                     ten

Empire zone                          Eligible wages under
wage tax credit                      subdivision nineteen of
under subsection (k)                 section two hundred ten
                                     or subsection (e) of
                                     section fourteen hundred
                                     fifty-six

Empire zone                          Qualified investments
capital tax credit                   and contributions under
under subsection (l)                 subdivision twenty of
                                     section two hundred ten
                                     or subsection (d) of
                                     section fourteen hundred
                                     fifty-six

Agricultural property tax            Allowable school
credit under subsection (n)          district property taxes under
                                     subdivision twenty-two of
                                     section two hundred ten

Credit for employment                Qualified first-year wages or
of persons with dis-                 qualified second-year wages
abilities under                      under subdivision
subsection (o)                       twenty-three of section
                                     two hundred ten
                                     or subsection (f)
                                     of section fourteen
                                     hundred fifty-six

Employment incentive                 Applicable investment credit
credit under subsec-                 base under subdivision
tion (a-1)                           twelve-D of section two
                                     hundred ten

Empire zone                          Applicable investment
employment                           credit under sub-
incentive credit under               division twelve-C
subsection (j-1)                     of section two hundred ten

Alternative fuels credit             Cost under subdivision
under subsection (p)                 twenty-four of section two
                                     hundred ten

Qualified emerging                   Applicable credit base
technology company                   under subdivision twelve-E
employment credit                    of section two hundred ten
under subsection (q)

Qualified emerging                   Qualified investments under
technology company                   subdivision twelve-F of
capital tax credit                   section two hundred ten
under subsection (r)

S. 326                              7                             A. 563

Credit for purchase of an            Cost of an automated
automated external defibrillator     external defibrillator under
under subsection (s)                 subdivision twenty-five of
                                     section two hundred ten
                                     or subsection (j) of section
                                     fourteen hundred fifty-six

Low-income housing                   Credit amount under
credit under subsection (x)          subdivision thirty
                                     of section two hundred ten or
                                     subsection (l) of section
                                     fourteen hundred fifty-six

Credit for transportation            Amount of credit under sub-
improvement contributions            division thirty-two of section
under subsection (z)                 two hundred ten or subsection
                                     (n) of section fourteen
                                     hundred fifty-six

QEZE credit for real property        Amount of credit under
taxes under subsection (bb)          subdivision twenty-seven of
                                     section two hundred ten or
                                     subsection (o) of section
                                     fourteen hundred fifty-six

QEZE tax reduction credit            Amount of benefit period
under subsection (cc)                factor, employment increase factor
                                     and zone allocation
                                     factor (without regard
                                     to pro ration) under
                                     subdivision twenty-eight of
                                     section two hundred ten or
                                     subsection (p) of section
                                     fourteen hundred fifty-six
                                     and amount of tax factor
                                     as determined under
                                     subdivision (f) of section sixteen

Green building credit                Amount of green building credit
under subsection (y)                 under subdivision thirty-one
                                     of section two hundred ten
                                     or subsection (m) of section
                                     fourteen hundred fifty-six

Credit for long-term                 Qualified costs under
care insurance premiums              subdivision twenty-five-a of
under subsection (aa)                section two hundred ten
                                     or subsection (k) of section
                                     fourteen hundred fifty-six

Brownfield redevelopment             Amount of credit
credit under subsection              under subdivision
(dd)                                 thirty-three of section
                                     two hundred ten
                                     or subsection (q) of
                                     section fourteen hundred

S. 326                              8                             A. 563

                                     fifty-six

Remediated brownfield                Amount of credit under
credit for real property             subdivision thirty-four
taxes for qualified                  of section two hundred
sites under subsection               ten or subsection (r) of
(ee)                                 section fourteen hundred
                                     fifty-six

Environmental                        Amount of credit under
remediation                          subdivision thirty-five of
insurance credit under               section two hundred
subsection (ff)                      ten or subsection
                                     (s) of section
                                     fourteen hundred
                                     fifty-six

Empire state film production         Amount of credit for qualified
credit under subsection (gg)         production costs in production
                                     of a qualified film under
                                     subdivision thirty-six of
                                     section two hundred ten

Qualified emerging                   Qualifying expenditures and
technology company facilities,       development activities under
operations and training credit       subdivision twelve-G of section
under subsection (nn)                two hundred ten

Security training tax                Amount of credit
credit under                         under subdivision thirty-seven
subsection (ii)                      of section two hundred ten or
                                     under subsection (t) of
                                     section fourteen hundred fifty-six

Credit for qualified fuel            Amount of credit under
cell electric generating equipment   subdivision thirty-seven
expenditures under subsection (g-2)  of section two hundred ten
                                     or subsection (t) of
                                     section fourteen hundred
                                     fifty-six

Empire state commercial production   Amount of credit for qualified
credit under subsection (jj)         production costs in production
                                     of a qualified commercial under
                                     subdivision thirty-eight of sec-
                                     tion two hundred ten

Biofuel production                   Amount of credit
tax credit under                     under subdivision
subsection (jj)                      thirty-eight of
                                     section two hundred ten

Clean heating fuel credit            Amount of credit under
under subsection (mm)                subdivision thirty-nine of
                                     section two hundred ten

S. 326                              9                             A. 563

Credit for rehabilitation            Amount of credit under
of historic properties               subdivision forty of
under subsection (oo)                subsection two hundred ten

Credit for companies who             Amount of credit under
provide transportation               subdivision forty of
to individuals                       section two hundred ten
with disabilities
under subsection (oo)

FOREST STEWARDSHIP AND               AMOUNT OF CREDIT UNDER
HABITAT CONSERVATION                 SUBDIVISION FORTY-ONE OF
CREDIT UNDER SUBSECTION (QQ)         SECTION TWO HUNDRED TEN
  S  6.   This act shall take effect immediately; provided, however that
the empire state film  production  credit  under  subsection  (gg),  the
empire  state commercial production credit under subsection (jj) and the
credit for companies who  provide  transportation  to  individuals  with
disabilities  under  subsection  (oo)  of  section  606  of  the tax law
contained in section five of this act shall expire on the same  date  as
provided  in  section  9 of part P of chapter 60 of the laws of 2004, as
amended, section 10 of part V of chapter 62 of  the  laws  of  2006,  as
amended  and  section  5 of chapter 522 of the laws of 2006, as amended,
respectively.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.