Bill Text: NY S06535 | 2017-2018 | General Assembly | Amended

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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: Moderate Partisan Bill (Republican 6-1)

Status: (Engrossed - Dead) 2018-05-07 - referred to environmental conservation [S06535 Detail]

Download: New_York-2017-S06535-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         6535--A
                               2017-2018 Regular Sessions
                    IN SENATE
                                      June 1, 2017
                                       ___________
        Introduced by Sens. ORTT, AKSHAR, FUNKE, HELMING, RITCHIE, ROBACH, SAVI-
          NO -- read twice and ordered printed, and when printed to be committed
          to  the  Committee on Environmental Conservation -- recommitted to the
          Committee on Environmental Conservation in accordance with Senate Rule
          6, sec. 8 -- committee discharged, bill amended, ordered reprinted  as
          amended and recommitted to said committee
        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 nine-
     5  teen, 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 nineteen, 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.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11985-03-8
        S. 6535--A                          2
     1    (b)  Tax credits allowed pursuant to this subdivision shall be allowed
     2  in the taxable year in which the expenditures were made.
     3    (c)  If  the amount of the credit allowable under this subdivision for
     4  any taxable year shall exceed the taxpayer's  tax  for  such  year,  the
     5  excess  may  be  carried over to the following year or years, and may be
     6  applied against the taxpayer's tax for such year or years.
     7    (d) The term "approved shoreline  resiliency  infrastructure  improve-
     8  ments"  shall  refer to shoreline resiliency infrastructure improvements
     9  that have been approved by the department of environmental  conservation
    10  pursuant to section 3-0321 of the environmental conservation law.
    11    §  3. Section 606 of the tax law is amended by adding a new subsection
    12  (ccc) to read as follows:
    13    (ccc) Shoreline resiliency infrastructure tax credit. (1) For  taxable
    14  years  beginning  on  or  after  January first, two thousand nineteen, a
    15  taxpayer shall be allowed a credit as hereinafter provided, against  the
    16  tax  imposed  by this article, in an amount equal to twenty-five percent
    17  of the costs of shoreline resiliency infrastructure  improvements  made.
    18  Provided, however, the credit shall not exceed ten thousand dollars in a
    19  given year.
    20    (2)  Tax  credits allowed pursuant to this subsection shall be allowed
    21  in the taxable year in which the expenditures were made.
    22    (3) If the amount of the credit allowable under  this  subsection  for
    23  any  taxable  year  shall  exceed  the taxpayer's tax for such year, the
    24  excess may be carried over to the following year or years,  and  may  be
    25  applied against the taxpayer's tax for such year or years.
    26    (4)  The  term  "approved shoreline resiliency infrastructure improve-
    27  ments" shall refer to shoreline resiliency  infrastructure  improvements
    28  that  have been approved by the department of environmental conservation
    29  pursuant to section 3-0321 of the environmental conservation law.
    30    § 4. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
    31  of  the  tax  law  is  amended  by adding a new clause (xliv) to read as
    32  follows:
    33    (xliv) Shoreline resiliency           Amount of credit under
    34    infrastructure tax credit             subdivision fifty-three of
    35    under subsection (ccc)                section two hundred ten-B
    36    § 5. This act shall take effect immediately and  sections  two,  three
    37  and  four  shall apply to taxable years beginning on or after January 1,
    38  2019.