Income taxes: Natural Heritage Preservation Tax Credit Act of 2000.

The Natural Heritage Preservation Tax Credit Act of 2000 requires the Wildlife Conservation Board to implement a program under which property, as defined, may be contributed to the state, any local government, as defined, or to any nonprofit organization designated by a local government, based on specified criteria, in order to provide for the protection of wildlife habitat, open space, and agricultural lands. The Personal Income Tax Law and the Corporation Tax Law allow a credit against the taxes imposed by those laws in an amount equal to 55% of the fair market value of any qualified contribution, defined as a contribution of property that has been approved for acceptance by the Wildlife Conservation Board, that is made on or after January 1, 2010, and no later than June 30, 2020, during the taxable year pursuant to the Natural Heritage Preservation Tax Credit Act of 2000, as provided. Those laws allow the credit to be carried over for 15 years if necessary. This bill would renew this tax credit for qualified contributions on or after January 1, 2021, and no later than June 30, 2026. This bill would take effect immediately as a tax levy.