Bill Text: NY S03198 | 2021-2022 | General Assembly | Introduced

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Bill Title: Enacts shoreline resiliency infrastructure regulations providing for preventive measures that could be taken to mitigate the impact of future flooding and provides tax credits for twenty-five percent of the costs of such projects.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO ENVIRONMENTAL CONSERVATION [S03198 Detail]

Download: New_York-2021-S03198-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          3198

                               2021-2022 Regular Sessions

                    IN SENATE

                                    January 28, 2021
                                       ___________

        Introduced  by  Sen.  ORTT  --  read twice and ordered printed, and when
          printed to be committed to the Committee on Environmental Conservation

        AN ACT to amend the environmental conservation law and the tax  law,  in
          relation  to  shoreline  resiliency infrastructure regulations and tax
          credits

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  The environmental conservation law is amended by adding a
     2  new section 3-0323 to read as follows:
     3  § 3-0323. Shoreline resiliency infrastructure.
     4    The department shall, no later than January first, two thousand  twen-
     5  ty-two,  develop,  adopt and promulgate rules and regulations describing
     6  shoreline resiliency infrastructure projects approved for  use  by  home
     7  owners,  businesses, farmers and non-profits. These shoreline resiliency
     8  infrastructure projects shall be preventive measures that could be taken
     9  to mitigate the impact of future flooding.  The department shall include
    10  descriptions of approved shoreline resiliency infrastructure projects on
    11  the department's website.
    12    § 2. Section 210-B of the tax law is amended by adding a new  subdivi-
    13  sion 55 to read as follows:
    14    55.  Shoreline  resiliency  infrastructure tax credit. (a) For taxable
    15  years beginning on or after January first, two  thousand  twenty-two,  a
    16  taxpayer  shall be allowed a credit as hereinafter provided, against the
    17  tax imposed by this article, in an amount equal to  twenty-five  percent
    18  of  the  costs of shoreline resiliency infrastructure improvements made.
    19  Provided, however, the credit shall not exceed ten thousand dollars in a
    20  given year.
    21    (b) Tax credits allowed pursuant to this subdivision shall be  allowed
    22  in the taxable year in which the expenditures were made.
    23    (c)  If  the amount of the credit allowable under this subdivision for
    24  any taxable year shall exceed the taxpayer's  tax  for  such  year,  the

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07504-01-1
        S. 3198                             2

     1  excess  may  be  carried over to the following year or years, and may be
     2  applied against the taxpayer's tax for such year or years.
     3    (d)  The  term  "approved shoreline resiliency infrastructure improve-
     4  ments" shall refer to shoreline resiliency  infrastructure  improvements
     5  that  have been approved by the department of environmental conservation
     6  pursuant to section 3-0323 of the environmental conservation law.
     7    § 3. Section 606 of the tax law is amended by adding a new  subsection
     8  (kkk) to read as follows:
     9    (kkk)  Shoreline resiliency infrastructure tax credit. (1) For taxable
    10  years beginning on or after January first, two  thousand  twenty-two,  a
    11  taxpayer  shall be allowed a credit as hereinafter provided, against the
    12  tax imposed by this article, in an amount equal to  twenty-five  percent
    13  of  the  costs of shoreline resiliency infrastructure improvements made.
    14  Provided, however, the credit shall not exceed ten thousand dollars in a
    15  given year.
    16    (2) Tax credits allowed pursuant to this subsection shall  be  allowed
    17  in the taxable year in which the expenditures were made.
    18    (3)  If  the  amount of the credit allowable under this subsection for
    19  any taxable year shall exceed the taxpayer's  tax  for  such  year,  the
    20  excess  may  be  carried over to the following year or years, and may be
    21  applied against the taxpayer's tax for such year or years.
    22    (4) The term "approved shoreline  resiliency  infrastructure  improve-
    23  ments"  shall  refer to shoreline resiliency infrastructure improvements
    24  that have been approved by the department of environmental  conservation
    25  pursuant to section 3-0323 of the environmental conservation law.
    26    §  4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
    27  of the tax law is amended by adding a  new  clause  (xlvi)  to  read  as
    28  follows:
    29    (xlvi) Shoreline resiliency           Amount of credit under
    30    infrastructure tax credit             subdivision fifty-five of
    31    under subsection (kkk)                section two hundred ten-B
    32    §  5.  This  act shall take effect immediately and sections two, three
    33  and four shall apply to taxable years beginning on or after  January  1,
    34  2022.