NY A09653

Allows a 25% tax credit on real property taxes paid on land subject to a conservation easement held by a public or private conservation agency, clarifying that the credit applies to the specific portion of land subject to the easement.

Renumbers and consolidates conservation easement tax credit provisions from subdivision 38 to subdivision 45 of section 210 of the tax law, with identical credit calculation and limitation terms.

Defines "conservation easement" as a perpetual easement under Environmental Conservation Law article 49 that protects open space, scenic areas, natural resources, biodiversity, agriculture, watersheds, or historic preservation resources.

Caps the annual conservation easement tax credit at $5,000 per taxpayer per year and prohibits the credit from reducing tax liability below specified minimum amounts.

Becomes effective immediately and applies to taxable years beginning on or after January 1, 2012.