NY S08256

Establishes the "Carbon Farming Act" to create a tax credit for agricultural businesses that implement land management strategies to reduce, sequester, and mitigate greenhouse gas emissions using USDA quantification tools like COMET-Planner and COMET-Farm.

Allows eligible farmers to claim a tax credit against state income tax based on the economic value of carbon farming as determined by the Commissioner of Environmental Conservation, with the credit amount verified by a final certificate of eligibility.

Permits unused tax credits to be carried over for three years if they exceed the taxpayer's tax liability in any given year.

Directs the Department of Environmental Conservation to develop educational materials, metrics to quantify carbon storage, and certification procedures to verify carbon stored on each farm, in consultation with the Department of Agriculture and Markets.

Directs the Department of Agriculture and Markets to cooperate with DEC in promoting carbon farming practices and educating farmers about USDA quantification tools and the available tax credit, effective 90 days after enactment.