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.
STATE OF NEW YORK
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1586
2023-2024 Regular Sessions
IN SENATE
January 12, 2023
___________
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-four, 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 59 to read as follows:
14 59. Shoreline resiliency infrastructure tax credit. (a) For taxable
15 years beginning on or after January first, two thousand twenty-four, 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.
LBD05422-01-3
S. 1586 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 (bbb) to read as follows:
9 (bbb) Shoreline resiliency infrastructure tax credit. (1) For taxable
10 years beginning on or after January first, two thousand twenty-four, 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 (l) to read as follows:
28 (l) Shoreline resiliencyAmount of credit under
29 infrastructure tax creditsubdivision fifty-nine of
30 under subsection (bbb)section two hundred ten-B
31 § 5. This act shall take effect immediately and sections two, three
32 and four shall apply to taxable years beginning on or after January 1,
33 2024.
