NY State Senate Bill 2019-S1939

Senate Bill S1939

2019-2020 Legislative Session

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

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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

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 08, 2020	referred to investigations and government operations
Jan 17, 2019	referred to investigations and government operations

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2019-S1939 (ACTIVE) - Details

See Assembly Version of this Bill:: A2296
Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §§606 & 210-B, Tax L
Versions Introduced in Other Legislative Sessions:: 2009-2010: S326, A563
2011-2012: S346, A152
2013-2014: S1005, A4512
2015-2016: S602, A3377, A8178
2017-2018: S138, A1874
2021-2022: S5181, A787
2023-2024: S31, A161

2019-S1939 (ACTIVE) - Summary

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

2019-S1939 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S1939

SPONSOR: LITTLE
 
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 establish a forestry stewardship and habitat conservation credit for
personal income and business franchise taxes for landowners in New York
State.

 
SUMMARY OF PROVISIONS:

Section one - adds a new subsection (ccc) to section 606 of the tax law
to establish the forestry stewardship and habitat conservation tax cred-
it of twenty-five percent of the allowable school, county and town prop-
erty 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 53 to section 210-B of the tax
law to provide for the forestry stewardship and habitat conservation tax
credit

Section four - amends paragraph (d) of subdivision 11 of section 210-B
of the tax law, as added by section 17 of part A of chapter 59 of the
laws of 2014

Section five - amends subparagraph (B) of paragraph 1 of subsection (i)
of section 606 of the tax law is amended by adding a new clause (xli).

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 contrib-
utions of our forests and support private stewardship efforts by indi-
vidual owners, families and businesses.

 
LEGISLATIVE HISTORY:

2017-18: S.138A/A.1874A: Referred Ways & Means; Assembly Ways & Means

2015-16: S.602 Passed Senate; A.8178 Referred to Ways and Means

2014: S.1005A Passed Senate; A. 4512A Held for Consideration in Ways and
Means

2013: S. 1005 Referred to Investigations and Government Operations; A.
4512 Ways and Means

2011/12: S. 346A Passed Senate; A. 152A Held for Consideration

2009/10: S. 326 Investigations and Government Operations; A. 563 Ways
and Means

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

 
FISCAL IMPLICATIONS:

To be determined.

 
LOCAL FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2019-S1939 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1939
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 17, 2019
                                ___________
 
 Introduced  by  Sens.  LITTLE, AKSHAR, GALLIVAN, HOYLMAN, SEWARD -- read
   twice and ordered printed, and when printed to  be  committed  to  the
   Committee on Investigations and Government Operations
 
 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 (jjj) to read as follows:
   (JJJ) 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  REAL
 PROPERTY  TAXES  PAID ON SUCH LAND. IN NO EVENT SHALL THE CREDIT ALLOWED
 UNDER THIS SUBSECTION IN COMBINATION WITH ANY OTHER CREDIT FOR SUCH REAL
 PROPERTY TAXES UNDER THIS SECTION EXCEED THE TOTAL AMOUNT OF SUCH  TAXES
 PAID DURING THE TAXABLE YEAR.
   (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 ENVI-
 RONMENTAL 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-RELAT-
 ED  RECREATION, INCLUDING FISHING, HUNTING, TRAPPING AND WILDLIFE OBSER-
 VATION; OR BOTH. LAND DIVIDED ONLY BY FEDERAL,  STATE,  COUNTY  OR  TOWN
 ROADS,  EASEMENTS  OR RIGHTS-OF-WAY, OR ENERGY TRANSMISSION CORRIDORS OR
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01211-01-9

 S. 1939                             2
 
 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
 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-

 S. 1939                             3
 
 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 THEREON.
   § 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 (JJJ)  OF  THIS
 SECTION MET THE REQUIREMENTS UNDER THIS PARAGRAPH.
   §  3. Section 210-B of the tax law is amended by adding a new subdivi-
 sion 53 to read as follows:
   53. 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  REAL
 PROPERTY  TAXES  PAID ON SUCH LAND. IN NO EVENT SHALL THE CREDIT ALLOWED
 UNDER THIS SUBDIVISION IN COMBINATION WITH ANY  OTHER  CREDIT  FOR  SUCH
 REAL  PROPERTY  TAXES UNDER THIS SECTION EXCEED THE TOTAL AMOUNT OF SUCH
 TAXES PAID DURING THE TAXABLE YEAR.
   (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 ENVI-
 RONMENTAL  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-RELAT-
 ED RECREATION, INCLUDING FISHING, HUNTING, TRAPPING AND WILDLIFE  OBSER-
 VATION;  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.

 S. 1939                             4
 
   (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
   (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-

 S. 1939                             5
 
 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 ONE THOUSAND EIGHTY-SIX OF THIS
 CHAPTER, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
   § 4. Paragraph (d) of subdivision 11 of section 210-B of the tax  law,
 as  added  by section 17 of part A of chapter 59 of the laws of 2014, 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 met the requirements under this paragraph AND LAND
 THAT  AT  THE  TIME  IT BECOMES SUBJECT TO AN AGREEMENT AS DEFINED UNDER
 SUBDIVISION FIFTY-THREE OF THIS SECTION, MET THE REQUIREMENTS UNDER THIS
 PARAGRAPH.
   § 5. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
 of  the  tax  law  is  amended  by adding a new clause (xliv) to read as
 follows:
 
 (XLIV) FOREST STEWARDSHIP AND        AMOUNT OF CREDIT UNDER
 HABITAT CONSERVATION                 SUBDIVISION FIFTY-THREE OF
 CREDIT UNDER SUBSECTION (JJJ)        SECTION TWO HUNDRED TEN-B
   § 6. This act shall take effect immediately.

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Senate Bill S1939

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Sponsored By

Betty Little

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

co-Sponsors

Joseph P. Addabbo Jr.

Fred Akshar

Patrick M. Gallivan

Brad Hoylman-Sigal

2019-S1939 (ACTIVE) - Details

2019-S1939 (ACTIVE) - Summary

2019-S1939 (ACTIVE) - Sponsor Memo

2019-S1939 (ACTIVE) - Bill Text download pdf

Comments