assembly Bill A2042

2021-2022 Legislative Session

Relates to establishing a carbon farming tax credit for farmers

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Sponsored By

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 14, 2021 referred to agriculture

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Multi-Sponsors

A2042 (ACTIVE) - Details

See Senate Version of this Bill:
S4707
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 Other Legislative Sessions:
2017-2018: A3281
2019-2020: A2718, S4875

A2042 (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.

A2042 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2042
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 14, 2021
                                ___________
 
 Introduced by M. of A. BARRETT, L. ROSENTHAL, J. RIVERA, GUNTHER, GLICK,
   LUPARDO,  PEOPLES-STOKES,  SEAWRIGHT, GOTTFRIED, COLTON, FAHY, LAVINE,
   STECK -- Multi-Sponsored by -- M. of A. COOK, JONES, SIMON, THIELE  --
   read once and referred to the Committee on Agriculture
 
 AN  ACT  to  amend  the agriculture and markets law, the tax law and the
   environmental conservation 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 a 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.
                                                            LBD05200-01-1