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NY A05642
Bill
Status
2/24/2011
Primary Sponsor
Robert Sweeney
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AI Summary
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Creates a tax credit equal to 50 percent of qualified conservation contributions for donations of land, easements, and other real property interests located in New York State
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Applies to both individual income tax (Article 9-A) and corporate tax (Article 22) under New York tax law
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Limits credit to maximum of $250,000 per taxable year per taxpayer
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Allows unused credits to be carried forward to the next ten taxable years if the credit exceeds tax liability in the current year
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Takes effect immediately and applies to taxable years beginning on or after January 1, 2011
Legislative Description
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.
Last Action
held for consideration in ways and means
6/19/2012