Conservation easement credit
Who is eligible?
You are 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.
This credit is available to individual and business taxpayers. However, it is not available to New York S corporations or New York S corporation shareholders.
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 maximum conservation easement tax credit claimed is limited to $5,000 each tax year.
- 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.
What are the recordkeeping requirements?
Taxpayers must prove entitlement to tax credits. During the course of an audit, you may be required to provide documentation to substantiate entitlement based on the specific facts of your tax credit claim. See Conservation easement credit recordkeeping requirements for more information on the recordkeeping requirements for this credit.
- Form CT-242, Claim for Conservation Easement Tax Credit, and its instructions, (for corporations); or
- Form IT-242, Claim for Conservation Easement Tax Credit, and its instructions, (for all others).