assembly Bill A2718

2019-2020 Legislative Session

Relates to establishing a carbon farming tax credit for farmers

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Current Bill Status - In Assembly Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 25, 2019 referred to agriculture

Co-Sponsors

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Multi-Sponsors

A2718 (ACTIVE) - Details

Current Committee:
Assembly Agriculture
Law Section:
Agriculture and Markets Law
Laws Affected:
Amd §§150 & 16, Ag & Mkts L; amd §§210-B & 606, Tax L; amd §§3-0301 & 19-0309, En Con L
Versions Introduced in 2017-2018 Legislative Session:
A3281

A2718 (ACTIVE) - Summary

Establishes a tax credit for farmers who maximize carbon sequestration potential through a "carbon farming" land management strategy; directs DEC to develop regulations related to certifying the amount of carbon sequestered or emissions reduced.

A2718 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2718

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                            January 25, 2019
                               ___________

Introduced  by  M.  of A. BARRETT, L. ROSENTHAL, ORTIZ, RIVERA, GUNTHER,
  LIFTON, GLICK, LUPARDO, PEOPLES-STOKES, SEAWRIGHT, GOTTFRIED,  JAFFEE,
  COLTON,  BLAKE, D'URSO, CRESPO, FAHY, LAVINE, STECK -- Multi-Sponsored
  by -- M. of A.  COOK, JONES, MOSLEY, SIMON, THIELE --  read  once  and
  referred to the Committee on Agriculture

AN  ACT  to  amend  the  agriculture  and markets law, the environmental
  conservation law and the tax law, in relation to enacting  the  carbon
  farming act

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. This act shall be known and may be  cited  as  the  "carbon
farming act".
  §  2.  Legislative  intent.  The legislature hereby finds and declares
that soil and vegetation management can significantly enhance  soil  and
carbon  sequestration,  resulting  in  a wide range of environmental and
agricultural benefits to New  York  farmers  and  residents,  including:
increased yields; soil health; improved water quality; and reductions in
greenhouse gases. The legislature further declares that enhancing carbon
sequestration, the long term storage of carbon in plants, soils, geolog-
ic  formations and the ocean, through farming is in the best interest of
New Yorkers. It is therefore the  intent  of  the  legislature  and  the
purpose  of this act to encourage farmers to further sequester and miti-
gate carbon in this state by establishing carbon farming tax  credit  to
reward  and incentivize farmers to maintain or adopt practices that help
maximize New York's carbon sequestration potential.
  § 3. Section 150 of the agriculture and  markets  law  is  amended  by
adding a new subdivision 5 to read as follows:
  5.  "CARBON  FARMING"  MEANS  THE  IMPLEMENTATION OF A LAND MANAGEMENT
STRATEGY FOR THE PURPOSES  OF  REDUCING,  SEQUESTERING,  AND  MITIGATING
GREENHOUSE GAS EMISSIONS ON LAND USED IN SUPPORT OF A FARM OPERATION AND
QUANTIFYING  THOSE  GREENHOUSE  GAS  BENEFITS  USING  THE  UNITED STATES

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

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