NY A05757

Allows taxpayers a deduction against income tax for actual costs incurred in upgrading, repairing, or replacing septic systems on primary or secondary residences, provided the work complies with a municipality-approved septic system inspection program.

Directs the Department of Environmental Conservation to create proposed septic system ordinances for adoption by towns and villages to guide upgrades, repairs, and replacements of existing septic systems.

Establishes a revolving loan fund to be distributed to county soil and conservation districts in municipalities that adopt DEC-approved septic ordinances, allowing these districts to provide loans to homeowners demonstrating financial need for septic system work, with repayment due within ten years or upon property sale.

Provides one-time grants to towns and villages that adopt a DEC-approved septic system ordinance for developing and conducting a comprehensive septic system inspection program.

Creates the "Rural Freshwater Improvement and Protection Program Fund" under joint custody of the State Comptroller and Commissioner of Taxation and Finance to hold appropriated monies for the program, effective January 1 following enactment.