S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6535--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               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:
 
   Section 1. The environmental conservation law is amended by  adding  a
 new section 3-0321 to read as follows:
 § 3-0321. SHORELINE RESILIENCY INFRASTRUCTURE.
   THE  DEPARTMENT SHALL, NO LATER THAN JANUARY FIRST, TWO THOUSAND NINE-
 TEEN, DEVELOP, ADOPT AND PROMULGATE  RULES  AND  REGULATIONS  DESCRIBING
 SHORELINE  RESILIENCY  INFRASTRUCTURE  PROJECTS APPROVED FOR USE BY HOME
 OWNERS, BUSINESSES, FARMERS AND NON-PROFITS. THESE SHORELINE  RESILIENCY
 INFRASTRUCTURE PROJECTS SHALL BE PREVENTIVE MEASURES THAT COULD BE TAKEN
 TO MITIGATE THE IMPACT OF FUTURE FLOODING.  THE DEPARTMENT SHALL INCLUDE
 DESCRIPTIONS OF APPROVED SHORELINE RESILIENCY INFRASTRUCTURE PROJECTS ON
 THE DEPARTMENT'S WEBSITE.
   §  2. Section 210-B of the tax law is amended by adding a new subdivi-
 sion 53 to read as follows:
   53. SHORELINE RESILIENCY INFRASTRUCTURE TAX CREDIT.  (A)  FOR  TAXABLE
 YEARS  BEGINNING  ON  OR  AFTER  JANUARY FIRST, TWO THOUSAND NINETEEN, A
 TAXPAYER SHALL BE ALLOWED A CREDIT AS HEREINAFTER PROVIDED, AGAINST  THE
 TAX  IMPOSED  BY THIS ARTICLE, IN AN AMOUNT EQUAL TO TWENTY-FIVE PERCENT
 OF THE COSTS OF SHORELINE RESILIENCY INFRASTRUCTURE  IMPROVEMENTS  MADE.
 PROVIDED, HOWEVER, THE CREDIT SHALL NOT EXCEED TEN THOUSAND DOLLARS IN A
 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
 
   (B)  TAX CREDITS ALLOWED PURSUANT TO THIS SUBDIVISION SHALL BE ALLOWED
 IN THE TAXABLE YEAR IN WHICH THE EXPENDITURES WERE MADE.
   (C)  IF  THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SUBDIVISION FOR
 ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S  TAX  FOR  SUCH  YEAR,  THE
 EXCESS  MAY  BE  CARRIED OVER TO THE FOLLOWING YEAR OR YEARS, AND MAY BE
 APPLIED AGAINST THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
   (D) THE TERM "APPROVED SHORELINE  RESILIENCY  INFRASTRUCTURE  IMPROVE-
 MENTS"  SHALL  REFER TO SHORELINE RESILIENCY INFRASTRUCTURE IMPROVEMENTS
 THAT HAVE BEEN APPROVED BY THE DEPARTMENT OF ENVIRONMENTAL  CONSERVATION
 PURSUANT TO SECTION 3-0321 OF THE ENVIRONMENTAL CONSERVATION LAW.
   §  3. Section 606 of the tax law is amended by adding a new subsection
 (ccc) to read as follows:
   (CCC) SHORELINE RESILIENCY INFRASTRUCTURE TAX CREDIT. (1) FOR  TAXABLE
 YEARS  BEGINNING  ON  OR  AFTER  JANUARY FIRST, TWO THOUSAND NINETEEN, A
 TAXPAYER SHALL BE ALLOWED A CREDIT AS HEREINAFTER PROVIDED, AGAINST  THE
 TAX  IMPOSED  BY THIS ARTICLE, IN AN AMOUNT EQUAL TO TWENTY-FIVE PERCENT
 OF THE COSTS OF SHORELINE RESILIENCY INFRASTRUCTURE  IMPROVEMENTS  MADE.
 PROVIDED, HOWEVER, THE CREDIT SHALL NOT EXCEED TEN THOUSAND DOLLARS IN A
 GIVEN YEAR.
   (2)  TAX  CREDITS ALLOWED PURSUANT TO THIS SUBSECTION SHALL BE ALLOWED
 IN THE TAXABLE YEAR IN WHICH THE EXPENDITURES WERE MADE.
   (3) IF THE AMOUNT OF THE CREDIT ALLOWABLE UNDER  THIS  SUBSECTION  FOR
 ANY  TAXABLE  YEAR  SHALL  EXCEED  THE TAXPAYER'S TAX FOR SUCH YEAR, THE
 EXCESS MAY BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS,  AND  MAY  BE
 APPLIED AGAINST THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
   (4)  THE  TERM  "APPROVED SHORELINE RESILIENCY INFRASTRUCTURE IMPROVE-
 MENTS" SHALL REFER TO SHORELINE RESILIENCY  INFRASTRUCTURE  IMPROVEMENTS
 THAT  HAVE BEEN APPROVED BY THE DEPARTMENT OF ENVIRONMENTAL CONSERVATION
 PURSUANT TO SECTION 3-0321 OF THE ENVIRONMENTAL CONSERVATION LAW.
   § 4. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
 of  the  tax  law  is  amended  by adding a new clause (xliv) to read as
 follows:
   (XLIV) SHORELINE RESILIENCY           AMOUNT OF CREDIT UNDER
   INFRASTRUCTURE TAX CREDIT             SUBDIVISION FIFTY-THREE OF
   UNDER SUBSECTION (CCC)                SECTION TWO HUNDRED TEN-B
   § 5. This act shall take effect immediately and  sections  two,  three
 and  four  shall apply to taxable years beginning on or after January 1,
 2019.