Sec. 12-217dd. Tax credit for donation of open space.
Sec. 12-217dd. Tax credit for donation of open space. (a) For purposes of this
section, "donation of open space land" means the value of any land or interest in land
conveyed without financial consideration, or the value of any discount of the sale price
in any sale of land or interest in land, to the state, a political subdivision of the state, a
water company, as defined in section 25-32a, or to any nonprofit land conservation
organization where such land is to be permanently preserved as protected open space
or used as a public water supply source.
(b) There shall be allowed a credit for all taxpayers against the tax imposed under
section 12-217, in an amount equal to fifty per cent of any donation of open space land
or as a public water supply source. For purposes of calculating the credit under this
section, the amount of donation shall be based on the use value of the donated open
space land and the amount received for such land. For purposes of this subsection, "use
value" means the fair market value of land at its highest and best use, as determined by
a certified real estate appraiser.
(c) A credit that is allowed under this section, with respect to any taxable year
commencing on or after January 1, 2000, but is not used by a taxpayer may be carried
forward to each of the successive income years until such credit is fully taken. In no
case shall a credit that is not used be carried forward for a period of more than fifteen
years.
(P.A. 99-173, S. 47, 65; P.A. 00-203, S. 6, 8, 11; P.A. 04-200, S. 2.)
History: P.A. 99-173 effective June 23, 1999, and applicable to income years commencing on or after January 1, 1999;
P.A. 00-203 amended Subsec. (b) by defining use value, effective June 7, 2000, and applicable to all open space land
donations made on or after income year commencing January 1, 1999, and added Subsec. (c) re tax credit carry forward,
effective July 1, 2000; P.A. 04-200 amended Subsec. (a) to add interest in land to definition, to add a water company to
the type of recipients permitted, and to add use as a public water supply source as a type of use permitted, amended Subsec.
(b) to add "or as a public water supply source" and "and the amount received for such land", and amended Subsec. (c) to
replace "ten" with "fifteen", effective June 3, 2004.