NY A05876

Allows taxpayers with land subject to a conservation easement held by public or private conservation agencies to claim a credit for 25 percent of real property taxes paid on the land or portion of land subject to the easement.

Caps the annual conservation easement tax credit at $5,000 per taxpayer in any given year.

Defines "conservation easement" as a perpetual and permanent easement under Environmental Conservation Law Article 49 that protects open space, scenic, natural resources, biodiversity, agricultural, watershed, and/or historic preservation resources.

Specifies that the easement must be filed with the Department of Environmental Conservation and comply with Internal Revenue Code Section 170(h); excludes dedications of land to fulfill density or permit requirements.

Reclassifies the conservation easement tax credit subdivision from 38 to 41 in Tax Law Section 210 and aligns the credit language between corporate and individual tax provisions; takes effect immediately for taxable years beginning January 1, 2009 and thereafter.