BILL NUMBER: S543
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:
2023-2024: S31 referred to Budget and Revenue; A161 referred to Ways and
Means
A787 of 2021: Referred to Ways and Means
S5181 of 2021: Referred to Budget and Revenue
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.

Statutes affected:
S543: 606 tax law, 606(n) tax law, 210-B tax law, 210-B(11) tax law, 606(i) tax law