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
(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