New York S 5030: Establishes a demonstration program extending the J-51 tax exemption to the conversion and rehabilitation of commercial and manufacturing space to certain high density area in Kings county

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S05030 Summary:

BILL NOS05030 

&nbsp

SAME ASNo Same As

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SPONSORGRIFFO

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COSPNSRGALLIVAN, HELMING, OBERACKER, ORTT, WALCZYK

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MLTSPNSR

&nbsp

Amd §606, Tax L

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Provides a tax credit to certain landowners who allow snowmobile access on such land.

Go to top S05030 Actions:

BILL NOS05030 

&nbsp

02/18/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS05030 Committee&nbspVotes:

Go to topS05030 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS05030 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5030

 2025-2026 Regular Sessions

 IN SENATE

 February 18, 2025
 ___________

 Introduced by Sens. GRIFFO, GALLIVAN, HELMING, OBERACKER, ORTT, WALCZYK
 -- read twice and ordered printed, and when printed to be committed to
 the Committee on Budget and Revenue

 AN ACT to amend the tax law, in relation to providing a tax credit to
 certain landowners who allow snowmobile access on such land

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Section 606 of the tax law is amended by adding a new
 2 subsection (n-3) to read as follows:
 3 (n-3) Credit for certain landowners who allow snowmobile access. (1)
 4 An individual taxpayer who meets the eligibility standards in paragraph
 5 two of this subsection shall be allowed a credit against the taxes
 6 imposed by this article in the amount specified in paragraph three of
 7 this subsection.
 8 (2) To be eligible for the credit, the taxpayer (or taxpayers filing
 9 joint returns) on the personal income tax return must allow snowmobile
 10 access in the form of a state-funded snowmobile trail or portion thereof
 11 on property owned by the taxpayer.
 12 (3) A taxpayer shall be allowed a credit equal to ten cents per linear
 13 foot of state-funded snowmobile trail on eligible property pursuant to
 14 paragraph two of this subsection.
 15 (4) The amount of the credit that may be claimed by a taxpayer pursu-
 16 ant to this subsection shall not exceed seven hundred fifty dollars in
 17 any given year.
 18 (5) If the amount of credit allowable under this subsection for any
 19 taxable year shall exceed the taxpayer's tax for such year, the excess
 20 allowed for a taxable year commencing prior to January first, two thou-
 21 sand twenty-six may be carried over to the following year or years and
 22 may be deducted from the taxpayer's tax for such year or years, but in
 23 no event shall such credit be carried over to taxable years commencing
 24 on or after January first, two thousand thirty-six, and any amount of

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06759-01-5

 S. 5030 2

 1 credit allowed for a taxable year commencing on or after January first,
 2 two thousand twenty-six and not deductible in such year may be carried
 3 over to the ten taxable years next following such taxable year and may
 4 be deducted from the taxpayer's tax for such year or years. In lieu of
 5 carrying over any such excess, a taxpayer who is eligible pursuant to
 6 paragraph two of this subsection may, at their option, receive such
 7 excess as a refund. Any refund paid pursuant to this paragraph shall be
 8 deemed to be a refund of an overpayment of tax as provided in section
 9 six hundred eighty-six of this article, provided, however, that no
 10 interest shall be paid thereon.
 11 § 2. This act shall take effect on the first of January next succeed-
 12 ing the date on which it shall have become a law and shall apply to
 13 taxable years beginning on or after such date. The department of taxa-
 14 tion and finance is authorized to promulgate rules and regulations
 15 necessary for the timely implementation of this act on or before such
 16 effective date.

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