Bill Text: NY S08436 | 2023-2024 | General Assembly | Introduced


Bill Title: Establishes a mollusk shell recycling tax credit; directs DEC to promulgate necessary regulations.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-29 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S08436 Detail]

Download: New_York-2023-S08436-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                          8436

                    IN SENATE

                                    January 29, 2024
                                       ___________

        Introduced  by Sen. HARCKHAM -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment Operations

        AN ACT to amend the tax law and the environmental conservation  law,  in
          relation to establishing a bivalve mollusk shell recycling tax credit

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

     1    Section 1. Section 210-B of the tax law is amended  by  adding  a  new
     2  subdivision 60 to read as follows:
     3    60.  Bivalve  mollusk  shell  recycling  credit.  A  taxpayer shall be
     4  allowed a credit, to be computed as hereinafter provided against the tax
     5  imposed by this article, for the recycling of  bivalve  mollusk  shells.
     6  The amount of the credit shall be the lesser of one thousand dollars, or
     7  ten cents multiplied by the number of pounds of mollusk shells certified
     8  by  the  New  York  state  department of environmental conservation. The
     9  credit allowed under this subdivision for any  taxable  year  shall  not
    10  reduce  the  tax due for such year to less than the fixed dollar minimum
    11  amount prescribed in paragraph (d) of subdivision  one  of  section  two
    12  hundred ten of this article. In order for a taxpayer to qualify for this
    13  credit, the shells shall be donated to an entity or organization permit-
    14  ted by the department of environmental conservation to reuse such shells
    15  for the beneficial use of oyster reef restoration.
    16    §  2. Section 606 of the tax law is amended by adding a new subsection
    17  (ppp) to read as follows:
    18    (ppp) Bivalve mollusk shell recycling credit. (1) A taxpayer shall  be
    19  allowed a credit, to be computed as hereinafter provided against the tax
    20  imposed by this article, for the recycling of bivalve mollusk shells.
    21    (2)  The  amount  of  the  credit  shall be the lesser of one thousand
    22  dollars, or ten cents multiplied by the  number  of  pounds  of  bivalve
    23  mollusk  shells  certified  by the New York state department of environ-
    24  mental conservation.
    25    (3) In order for a taxpayer to qualify for  this  credit,  the  shells
    26  shall  be  donated to an entity or organization permitted by the depart-

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00035-04-4

        S. 8436                             2

     1  ment of environmental conservation to reuse such shells for the  benefi-
     2  cial use of oyster reef restoration.
     3    §  3. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
     4  of the tax law is amended by  adding  a  new  clause  (li)  to  read  as
     5  follows:
     6  (li) Bivalve mollusk                 Amount of credit under subdivision
     7  shell recycling credit under         sixty of section two
     8  subsection (ppp)                     hundred ten-B
     9    § 4. Subdivision 1 of section 3-0301 of the environmental conservation
    10  law is amended by adding a new paragraph ee to read as follows:
    11    ee.  Establish  rules  and  regulations regarding the verification and
    12  certification of bivalve mollusk shells returned to the  department  for
    13  recycling  pursuant  to  the  bivalve mollusk shell recycling tax credit
    14  provided in sections two hundred ten-B and six hundred six  of  the  tax
    15  law  and  for  such  shells  to  be reused in the process of oyster reef
    16  restoration.
    17    § 5. This act shall take effect immediately and shall apply to taxable
    18  years beginning on or after January 1, 2024.
feedback