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Form IT-242:2013:Claim for Conservation Easement Tax Credit:it242 - tax ny

Form IT-242:2013:Claim for Conservation Easement Tax Credit:it242 - tax ny-2025

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The document is a form (IT-242) from the New York State Department of Taxation and Finance for claiming a tax credit related to conservation easements. It outlines the necessary information required for individuals, partnerships, estates, or trusts to calculate and report their allowable conservation easement tax credits as per Article 22, Section 606(kk) of the tax law. The form includes sections for reporting real property taxes, shares of credits from partnerships or estates, and details about the conservation easement itself.

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Click ‘Get Form’ to open it in the editor.
Begin by entering your name(s) as shown on your tax return and the identifying number. If you are a fiscal-year filer, specify the tax period dates.
In Part 1, list the conservation easement details. Fill in column A with allowable real property taxes, then multiply this amount by 25% in column B.
Complete column C with any other real property tax credits you may have. Subtract column C from column A and enter the result in column D.
In column E, enter the lesser of amounts from columns B or D. Sum these values for line 2 at the end of Part 1.
Proceed to Part 2 if applicable, providing information about partnerships or trusts that contributed to your credit.
Continue filling out Parts 3 through 6 as instructed, ensuring all necessary details are accurately recorded.

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Who is eligible for the property tax credit in NY?

The real property tax credit may be available to New York State residents who have household gross incomes of $18,000 or less, and pay either real property taxes or rent for their residences. The amount of the credit for each household will vary depending on income and real property taxes paid (see table to the right).

What are the downsides of a conservation easement?

Conservation easements can reduce the propertys overall value, making the land worth less for future sales. Farmers with a mortgage may have limited options with respect to doing a conservation easement. Its possible that a farm may have a conservation easement, but may be allowed to become fallow.

What is a conservation easement in NY?

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).

What is the conservation easement tax credit in NY?

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.

Do conservation easements reduce property taxes?

The California Land Conservation Act of 1965, also known as the Williamson Act, is a state law that encourages the preservation of agricultural and open space land in California through property tax relief.