New York S 3122: Relates to shoreline resiliency infrastructure regulations and tax credits

Bill Text

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S03122 Summary:

BILL NOS03122 

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SAME ASNo Same As

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SPONSORORTT

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COSPNSR

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MLTSPNSR

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Add §3-0323, En Con L; amd §§210-B & 606, Tax L

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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.

Go to top S03122 Actions:

BILL NOS03122 

&nbsp

01/23/2025REFERRED TO ENVIRONMENTAL CONSERVATION

01/07/2026REFERRED TO ENVIRONMENTAL CONSERVATION

Go to topS03122 Committee&nbspVotes:

Go to topS03122 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS03122 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3122

 2025-2026 Regular Sessions

 IN SENATE

 January 23, 2025
 ___________

 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-six, 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 61 to read as follows:
 14 61. Shoreline resiliency infrastructure tax credit. (a) For taxable
 15 years beginning on or after January first, two thousand twenty-six, 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.
 LBD06970-01-5

 S. 3122 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-six, 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