HomeMy WebLinkAboutEasement-Tax-Credit-Information-Jan2011/7/13 S. Beeners for Danby Conservation Advisory Council; Updated January 2020
CONSERVATION EASEMENTS AND POTENTIAL TAX BENEFITS
NEW YORK STATE CONSERVATION EASEMENT TAX CREDIT
You're entitled to this refundable credit if:
• you or your business own land that is subject to a conservation easement that is held by a
public or private conservation agency.
• you're not a New York S corporation or S-corp shareholder.
How much is the credit?
• The credit is 25% of the school district, county, and town real property taxes paid
during the current tax year on the land subject to the conservation easement
(excluding those taxes paid on buildings, structures, and other improvements).
• The amount of the conservation easement tax credit plus any other tax credit that is based
on the school district, county, and town real property taxes cannot exceed the amount of
these taxes.
• The maximum conservation easement tax credit claimed is limited to $5,000 each tax
year.
For additional information on claiming this credit, see:
http://www.tax.ny.gov/pit/credits/conservation easement_credit.htm
Because this tax credit is an income tax credit, the local municipality and school district do not
experience reductions in tax revenue.
FEDERAL CONSERVATION EASEMENT TAX DEDUCTIONS
The federal tax regulations governing easements changed in 2019. The Finger Lakes Land Trust
briefly describes the current federal regulations on their web page Donate a Conservation
Easement at: https://www.fllt.org/savemoreland/protectyourland/protect-easement/
Be sure to consult with your tax advisor or attorney to find out how the
various tax incentives may benefit you.