NY State Senate Bill 2021-S5181

Senate Bill S5181

2021-2022 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 Budget And Revenue 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 05, 2022	referred to budget and revenue
Feb 26, 2021	referred to budget and revenue

co-Sponsors

2021-S5181 (ACTIVE) - Details

See Assembly Version of this Bill:: A787
Current Committee:: Senate Budget And Revenue
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
2019-2020: S1939, A2296
2023-2024: S31, A161

2021-S5181 (ACTIVE) - Summary

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

2021-S5181 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S5181

SPONSOR: STEC
 
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 1 - Adds a new subsection (ccc) 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 2 - 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 3 - Adds a new subdivision 49 to section 210-B of the tax law to
provide for the forestry stewardship and habitat conservation tax credit

Section 4 - 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 5 - 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 6 - 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 frag-
mentation, increase the economic contributions of our forests and
support private stewardship efforts by individual owners, families and
businesses.

 
LEGISLATIVE HISTORY:

A.2296 of 2020 Referred to Ways and Means.
S.1939 of 2020 Referred to Investigations and Government Operations.

A.8178 of 2016: Referred to Ways & Means.

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

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

A.152A of 2012 Held for Consideration S.346A of 2012 Passed Senate.

S.326 of 2010: Investigations and Government Operations; A.563 of 2010:
Ways and Means.

S.5538a of 2008: Investigations and Government Operations.

 
FISCAL IMPLICATIONS:

When fully implemented, this act would reduce State revenue by $3
million annually.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2021-S5181 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5181
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 26, 2021
                                ___________
 
 Introduced  by  Sen.  STEC  --  read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 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 (lll) to read as follows:
   (LLL) 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
 SIMILAR  FACILITIES  SHALL BE CONSIDERED CONTIGUOUS FOR PURPOSES OF THIS
 SECTION.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD01180-01-1

 S. 5181                             2
 
   (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-
 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. 5181                             3
 
 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 (LLL)  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 55 to read as follows:
   55. 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.
   (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

 S. 5181                             4

 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-
 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

 S. 5181                             5
 
 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-FIVE 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  (xlvi)  to  read  as
 follows:
 
 (XLVI) FOREST STEWARDSHIP AND        AMOUNT OF CREDIT UNDER
 HABITAT CONSERVATION                 SUBDIVISION FIFTY-FIVE OF
 CREDIT UNDER SUBSECTION (LLL)        SECTION TWO HUNDRED TEN-B
   § 6. This act shall take effect immediately.

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Senate Bill S5181

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Sponsored By

Daniel G. Stec