Senate Bill S3198

2021-2022 Legislative Session

Relates to shoreline resiliency infrastructure regulations and tax credits

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Environmental Conservation Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-S3198 (ACTIVE) - Details

Current Committee:
Senate Environmental Conservation
Law Section:
Environmental Conservation Law
Laws Affected:
Add §3-0323, En Con L; amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: S6535
2019-2020: S282
2023-2024: S1586

2021-S3198 (ACTIVE) - Summary

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.

2021-S3198 (ACTIVE) - Sponsor Memo

2021-S3198 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3198
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 28, 2021
                                ___________
 
 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:
 
   Section  1.  The environmental conservation law is amended by adding a
 new section 3-0323 to read as follows:
 § 3-0323. SHORELINE RESILIENCY INFRASTRUCTURE.
   THE DEPARTMENT SHALL, NO LATER THAN JANUARY FIRST, TWO THOUSAND  TWEN-
 TY-TWO,  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 55 to read as follows:
   55.  SHORELINE  RESILIENCY  INFRASTRUCTURE TAX CREDIT. (A) FOR TAXABLE
 YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO  THOUSAND  TWENTY-TWO,  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.
   (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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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