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NY S01586
Bill
Status
1/12/2023
Primary Sponsor
Robert Ortt
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AI Summary
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Department of Environmental Conservation must develop and adopt regulations by January 1, 2024 describing approved shoreline resiliency infrastructure projects for homeowners, businesses, farmers, and non-profits to mitigate future flooding impacts.
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Taxpayers are allowed a tax credit equal to 25 percent of shoreline resiliency infrastructure improvement costs, capped at $10,000 per year for tax years beginning January 1, 2024 and later.
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Unused tax credits may be carried over to subsequent tax years and applied against future tax liability.
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The tax credit applies to approved shoreline resiliency infrastructure improvements as defined by the Department of Environmental Conservation under the new regulations.
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Approved shoreline resiliency infrastructure projects and descriptions must be published on the department's website.
Legislative Description
Enacts shoreline resiliency infrastructure regulations providing for preventive measures that could be taken to mitigate the impact of future flooding and provides tax credits for twenty-five percent of the costs of such projects.
Last Action
REFERRED TO ENVIRONMENTAL CONSERVATION
1/3/2024