In 2006, the efforts
of New York Land Trusts and the Land Trust Alliance (LTA) paid off:
New York's Conservation Easement Tax Credit officially became part
of the State tax code. This innovative credit gives New York State
landowners whose land is restricted by a conservation easement an
annual refund of 25% of the combined town, county, and school
property taxes paid on that land (not including buildings and
structures), up to $5,000. Landowners may claim this rebate when
they file their annual New York State income tax return.
The tax credit is
available to owners of qualified conservation easement-restricted
land, regardless of when the conservation easement was created,
provided that the conservation easement was wholly or partially
donated to a land trust or a governmental agency. A landowner with
multiple conservation easement-restricted parcels can claim more
than one tax credit, but no individual taxpayer or corporation can
claim more than $5,000 in a single year. Eligible landowners will
receive the rebate regardless of how much income tax they owe. The
tax credit runs with the land so that successor owners will benefit
from it as well as the original easement donors.
And, the
Conservation Easement Tax Credit
does not reduce local property tax revenues, so there is no negative
impact on town and county budgets. No other state has a tax
incentive that will appeal to so many landowners and provide such
lasting benefits.
DLC and other land
conservation partners are working with the Department of Taxation
and Finance on a Technical Corrections Bill to revise the law to
include land within villages, cities, and corporately owned land
protected by easement. We will keep you posted on updates!
For more information
on the New York State Conservation Easement Tax Credit, please visit
This information does not constitute legal or tax advice and DLC
strongly recommends that you discuss your land conservation options
with legal and tax professionals.
