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NY S04707
Bill
Status
3/4/2021
Primary Sponsor
Kevin Parker
Click for details
AI Summary
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Establishes a carbon farming tax credit for New York agricultural businesses that implement land management strategies to reduce, sequester, and mitigate greenhouse gas emissions using USDA COMET-Planner, COMET-Farm, and other quantification tools.
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Allows farmers to claim the credit against tax liability under articles 9 and 22 of the Tax Law, with unused credits carrying over for up to three years.
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Requires the Department of Environmental Conservation to determine the economic value of carbon farming in consultation with the Department of Agriculture and Markets, and to issue certificates of eligibility verifying emissions reductions credited to each farm.
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Directs both the DEC and Department of Agriculture and Markets to develop educational materials promoting carbon farming practices and instructing farmers on how to use carbon quantification tools.
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Takes effect 90 days after enactment, with agencies authorized to promulgate necessary rules and regulations immediately upon passage.
Legislative Description
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.
Last Action
referred to agriculture
5/31/2022