S 3122: 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.

  
  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 21 applied against the taxpayer's tax for such year or years. 22 (4) The term "approved shoreline resiliency infrastructure improve- 23 ments" shall refer to shoreline resiliency infrastructure improvements 24 that have been approved by the department of environmental conservation 25 pursuant to section 3-0323 of the environmental conservation law. 26 § 4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 27 of the tax law is amended by adding a new clause (lii) to read as 28 follows: 29 (lii) Shoreline resiliency Amount of credit under 30 infrastructure tax credit subdivision sixty-one of 31 under subsection (bbb) section two hundred ten-B 32 § 5. This act shall take effect immediately and sections two, three 33 and four shall apply to taxable years beginning on or after January 1, 34 2026.