NYS Conservation Easement Tax Credit
The Conservation Easement Tax Credit (CETC) offers New York State taxpayers a refundable income tax credit of 25% of their school district, county, and town property taxes paid during the year. The tax credit is available to owners of land under a conservation easement (CE). It does not matter when the easement was created, as long as the easement is held by a public conservation agency or private conservation organization. The maximum credit available is $5,000. If the landowner's tax credit exceeds the amount he or she owes in state income taxes, the landowner receives payment for the difference.
Conservation easements were enacted by Title 3 of Article 49 of the Environmental Conservation Law (ECL). In order to take advantage of the Conservation Easement Tax Credit, an existing easement must be registered with the Department of Environmental Conservation (DEC). When a holder of a conservation easement registers their property with the DEC, the holder will receive a unique DEC CE identification number which is assigned specifically to the easement property. This DEC CE identification number is required when filing the appropriate Conservation Easement Tax Credit claim form (i.e. IT-242 or CT-242) with the NYS Department of Taxation and Finance. Landowners wishing to obtain or verify their identification number my do so by contacting the DEC's Bureau of Real Property Services at (518) 402-9442 or by email at firstname.lastname@example.org.
Additional Conservation Easement Tax Credit information including IT-242 (individuals) and CT-242 (corporate trusts) claim forms can be found on the NYS Department of Taxation and Finance website by accessing the link provided in the right hand column of this page.
NOTE: Landowners may live outside of New York State. These property owners must file form IT-203 New York's Nonresident and Part-Year Resident Income Tax Return to receive their tax credit. See Land Trust Alliance's How to file for the NYS CETC as a Nonresident PDF (44 KB) for futher information.