Senate Bill S3122

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3122
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             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:
 
   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-SIX,  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 61 to read as follows:
   61.  SHORELINE  RESILIENCY  INFRASTRUCTURE TAX CREDIT. (A) FOR TAXABLE
 YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO  THOUSAND  TWENTY-SIX,  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.
                                                            LBD06970-01-5
              

 S. 3122                             2
 
 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 3-0323 OF THE ENVIRONMENTAL CONSERVATION LAW.
   § 3. Section 606 of the tax law is amended by adding a new  subsection
 (bbb) to read as follows:
   (BBB)  SHORELINE RESILIENCY INFRASTRUCTURE TAX CREDIT. (1) FOR TAXABLE
 YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO  THOUSAND  TWENTY-SIX,  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 3-0323 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  (lii)  to  read  as
 follows:
   (LII) SHORELINE RESILIENCY            AMOUNT OF CREDIT UNDER
   INFRASTRUCTURE TAX CREDIT             SUBDIVISION SIXTY-ONE OF
   UNDER SUBSECTION (BBB)                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,
 2026.