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NY S01529
Bill
Status
5/6/2025
Primary Sponsor
Kevin Parker
Click for details
AI Summary
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Creates a tax credit for agricultural businesses that practice "carbon farming," defined as land management strategies that reduce, sequester, and mitigate greenhouse gas emissions on farmland
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Requires farmers to use USDA's COMET-Planner, COMET-Farm, and other quantification tools to measure greenhouse gas benefits and obtain certification from the Department of Environmental Conservation
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Allows taxpayers with adjusted gross income under $60,000 to receive excess credits as a refund; those earning above $60,000 may carry over unused credits to future tax years
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Directs the Commissioner of Environmental Conservation, in consultation with the Commissioner of Agriculture and Markets, to determine the economic value of carbon farming for calculating credit amounts
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Requires the Department of Environmental Conservation and Department of Agriculture and Markets to cooperate in developing educational materials promoting carbon farming practices and the associated tax credit
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Takes effect 90 days after becoming law, with authority to implement necessary regulations immediately
Legislative Description
Establishes the carbon farming certification committee for the purpose of developing a certification framework, determining qualified carbon removal practices eligible for the carbon farming tax credit, and promulgating certification standards for qualified carbon removal practices; provides for the development of educational materials to encourage carbon farming by promoting farming practices which reduce, sequester and mitigate greenhouse gas emissions on land used in support of a farm operation; establishes carbon farming tax credits.
Last Action
REPORTED AND COMMITTED TO FINANCE
2/25/2026