New York Form IT-242 (Claim for Conservation Easement Tax ... 2025

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The document IT-242 is a form used for claiming a tax credit for conservation easements under New York Tax Law. It outlines the necessary information and calculations required for individuals, partnerships, estates, and trusts to report their allowable conservation real property tax credits. The form includes sections for entering personal details, tax credit calculations, and information about the conservation easement itself.
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Form 8283, Noncash Charitable Contributions, which must be filed by individual taxpayers who claim itemized deductions for donations of easements.
The Conservation Easement Credit (CEC) offers New York State taxpayers an annual income tax credit of 25% of their school district, county, and town property taxes up to $5,000. If a landowners tax credit exceeds the amount, the taxpayer owes in state income taxes, the landowner receives a payment for the difference.
Per IRS Publication 544 Sales and Other Dispositions of Assets, page 3: Easement. The amount received for granting an easement is subtracted from the basis of the property. If only a specific part of the entire tract of property is affected by the easement, only the basis of that part is reduced by the amount received.
What are the advantages of conservation easements from the landowners per- spective? Donations of conservation easement can reduce federal and state income taxes, capital gains taxes, estate taxes, and property taxes.
The value of the charitable deduction for a conservation easement is generally based on the difference between the propertys FMV before and after the easement is granted, commonly referred to as the before and after approach (Regs. Sec. 1.170A- 14(h)(3)(i)).

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For a conservation easement to be eligible for a tax deduction, the property rights must be donated for conservation purposes to what the tax code calls a qualified conservation organization. These can include certain: governmental units. charities. and some other tax-exempt groups.
The biggest disadvantage of creating a conservation easement is that once the entire plot or portion is put into the land trust, the agreement runs with the land. This means it is permanent and binding to all future land owners or heirs and they cannot adjust the terms or terminate.
Conservation easements facilitate other conservation tools Federal law allows an annual exclusion from the gift tax. In 2022 the exclusion amount is $16,000 per donor per donee. By reducing the value of land, a conservation easement allows more land to pass, tax free, to the next generation.

Related links

Form IT-242 Claim for Conservation Easement Tax Credit Tax

If you received a share of the conservation easement tax credit from a partnership, estate, or trust, complete the following information for.

Learn more
2008 NEW YORK STATE REFERENCE MANUAL FOR

by KR Bennett To claim the credit for a conservation easement, Form IT-242, Claim for Conservation Easement Tax. Credit, must be completed and attached to

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Form CT-600-I:2011 - Department of Taxation and Finance

This form is for Article 9-A taxpayers who claim multiple credits. It provides the order in which to apply tax credits and a summary of tax credits claimed.

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