NY S04270

Establishes a "carbon farming" tax credit for agricultural businesses that implement land management practices to reduce, sequester, and mitigate greenhouse gas emissions, with benefits quantified using USDA's COMET-Planner and COMET-Farm tools.

Allows farmers with New York adjusted gross income not exceeding $60,000 to claim excess credits as refunds; farmers exceeding $60,000 may carry over unused credits to future tax years.

Requires taxpayers to attach a final certificate of eligibility from the Commissioner of Environmental Conservation to claim the credit, with the credit amount not exceeding the emissions reductions listed on the certificate.

Directs the Department of Environmental Conservation, in consultation with the Department of Agriculture and Markets, to develop a metric to quantify carbon storage, create an application and certification procedure, and develop educational materials promoting carbon farming practices.

Takes effect 90 days after becoming law, with authority granted to DEC to create necessary rules and regulations prior to the effective date.