Bill Text: NY S00282 | 2019-2020 | General Assembly | Introduced

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Bill Title: Relates to shoreline resiliency infrastructure regulations and tax credits for twenty-five percent of the costs of such projects.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO ENVIRONMENTAL CONSERVATION [S00282 Detail]

Download: New_York-2019-S00282-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                           282
                               2019-2020 Regular Sessions
                    IN SENATE
                                       (Prefiled)
                                     January 9, 2019
                                       ___________
        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 3-0321 to read as follows:
     3  § 3-0321. Shoreline resiliency infrastructure.
     4    The department shall, no later than January first, two thousand  twen-
     5  ty,  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 53 to read as follows:
    14    53.  Shoreline  resiliency  infrastructure tax credit. (a) For taxable
    15  years beginning on or  after  January  first,  two  thousand  twenty,  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.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02699-01-9
        S. 282                              2
     1    (c)  If  the amount of the credit allowable under this subdivision for
     2  any taxable year shall exceed the taxpayer's  tax  for  such  year,  the
     3  excess  may  be  carried over to the following year or years, and may be
     4  applied against the taxpayer's tax for such year or years.
     5    (d)  The  term  "approved shoreline resiliency infrastructure improve-
     6  ments" shall refer to shoreline resiliency  infrastructure  improvements
     7  that  have been approved by the department of environmental conservation
     8  pursuant to section 3-0321 of the environmental conservation law.
     9    § 3. Section 606 of the tax law is amended by adding a new  subsection
    10  (jjj) to read as follows:
    11    (jjj)  Shoreline resiliency infrastructure tax credit. (1) For taxable
    12  years beginning on or  after  January  first,  two  thousand  twenty,  a
    13  taxpayer  shall be allowed a credit as hereinafter provided, against the
    14  tax imposed by this article, in an amount equal to  twenty-five  percent
    15  of  the  costs of shoreline resiliency infrastructure improvements made.
    16  Provided, however, the credit shall not exceed ten thousand dollars in a
    17  given year.
    18    (2) Tax credits allowed pursuant to this subsection shall  be  allowed
    19  in the taxable year in which the expenditures were made.
    20    (3)  If  the  amount of the credit allowable under this subsection for
    21  any taxable year shall exceed the taxpayer's  tax  for  such  year,  the
    22  excess  may  be  carried over to the following year or years, and may be
    23  applied against the taxpayer's tax for such year or years.
    24    (4) The term "approved shoreline  resiliency  infrastructure  improve-
    25  ments"  shall  refer to shoreline resiliency infrastructure improvements
    26  that have been approved by the department of environmental  conservation
    27  pursuant to section 3-0321 of the environmental conservation law.
    28    §  4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
    29  of the tax law is amended by adding a  new  clause  (xliv)  to  read  as
    30  follows:
    31    (xliv) Shoreline resiliency           Amount of credit under
    32    infrastructure tax credit             subdivision fifty-three of
    33    under subsection (jjj)                section two hundred ten-B
    34    §  5.  This  act shall take effect immediately and sections two, three
    35  and four shall apply to taxable years beginning on or after  January  1,
    36  2020.