As used in the Land Conservation Incentives Act:
A. "interest in real property" means a right in real property, including access, improvements, water rights, fee simple interest, easement and land use easement. The interest shall comply with the requirements of the Section 170(h) of the Internal Revenue Code of 1986, partial interest, mineral right, remainder or future interest or other interest or right in real property;
B. "land" means real property, including rights of way, easements, privileges and all other rights or interests of a land or description relating to or connected with real property; and
C. "public or private conservation agency" means a governmental body or a private not-for-profit charitable corporation or trust authorized to do business in New Mexico that is organized and operated for natural resources, land conservation or historic preservation purposes and that has tax-exempt status as a public charity under the federal Internal Revenue Code of 1986, and the power to acquire, hold or maintain land or interests in land.
History: Laws 2003, ch. 331, § 3.
ANNOTATIONSEffective dates. — Laws 2003, ch. 331, § 9 makes the act effective on January 1, 2004.
Internal Revenue Code of 1986. — The federal Internal Revenue Code of 1986 appears as Title 26 of the United States Code. Section 170(h) of that Code appears as 26 USC § 170(h).