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IT-242 New York State Department of Taxation and Finance Claim for Conservation Easement Tax Credit Tax Law Article 22, Section 606(kk) Submit this form with Form IT-201, IT-203, IT-204, or IT-205.

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A conservation easement is a voluntary, legal agreement that protects the natural resources of a parcel of land by restricting future land use and/or development on the property "in perpetuity" (permanently).

Conservation easements are legal agreements designed to conserve open space, water recharge areas, environmentally sensitive lands, wildlife habitat or historic features on a specific parcel of land.

Conservation Tax Credits Income Tax Credit for Preservation and Conservation Easements: This conservation easement tax credit was passed in 2001, and allows the landowner to collect 100% of the fair market value of the parcel. The maximum credit it $800,000, and there is a maximum credit of $5,000 per year.

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).

Note: The homeowner tax rebate credit was a one-year program providing direct property tax relief to eligible homeowners in 2022. If you qualified, you didn't need to do anything; we would have automatically sent you a check for the amount of your credit.

How much is the credit? The amount of the credit is the product of the amount of real property tax which exceeds 6% of the taxpayer's qualified gross income (QGI), and a specified rate based on the taxpayer's QGI. To claim the credit, the computed amount must exceed $250. The maximum credit allowed is $350.

The Conservation Easement Tax Credit (CETC) offers New York State taxpayers an annual income tax credit of 25% on their school district, county, and town property taxes up to $5,000. If a landowner's tax credit exceeds the amount he or she owes in state income taxes, the landowner receives a payment for the difference.

A voluntary conservation easement is a legal agreement between a landowner and a land trust or government agency that permanently limits uses of the land in order to protect its conservation values. It allows you to continue to own and use your land, as well as sell it or pass it on to heirs.

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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Content Takedown Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232