Bill Text: NY A00092 | 2023-2024 | General Assembly | Amended

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Bill Title: Establishes a mollusk shell recycling tax credit; directs DEC to promulgate necessary regulations.

Spectrum: Strong Partisan Bill (Democrat 15-1)

Status: (Introduced) 2024-02-06 - print number 92a [A00092 Detail]

Download: New_York-2023-A00092-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          92--A

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                       (Prefiled)

                                     January 4, 2023
                                       ___________

        Introduced  by  M.  of  A.  L. ROSENTHAL, FAHY, ZEBROWSKI, SIMON, GLICK,
          THIELE, WEPRIN, JACOBSON, STIRPE, BENEDETTO, CARROLL, EPSTEIN, COLTON,
          SILLITTI, BORES -- Multi-Sponsored by -- M. of A. FITZPATRICK --  read
          once and referred to the Committee on Ways and Means -- recommitted to
          the  Committee  on  Ways and Means in accordance with Assembly Rule 3,
          sec. 2 -- committee discharged, bill  amended,  ordered  reprinted  as
          amended and recommitted to said committee

        AN  ACT  to amend the tax law and the environmental conservation law, in
          relation to establishing a bivalve mollusk shell recycling tax credit

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Section  210-B  of the tax law is amended by adding a new
     2  subdivision 60 to read as follows:
     3    60. Bivalve mollusk  shell  recycling  credit.  A  taxpayer  shall  be
     4  allowed a credit, to be computed as hereinafter provided against the tax
     5  imposed  by  this  article, for the recycling of bivalve mollusk shells.
     6  The amount of the credit shall be the lesser of one thousand dollars, or
     7  ten cents multiplied by the number of pounds of mollusk shells certified
     8  by the New York state  department  of  environmental  conservation.  The
     9  credit  allowed  under  this  subdivision for any taxable year shall not
    10  reduce the tax due for such year to less than the fixed  dollar  minimum
    11  amount  prescribed  in  paragraph  (d) of subdivision one of section two
    12  hundred ten of this article. In order for a taxpayer to qualify for this
    13  credit, the shells shall be donated to an entity or organization permit-
    14  ted by the department of environmental conservation to reuse such shells
    15  for the beneficial use of oyster reef restoration.
    16    § 2. Section 606 of the tax law is amended by adding a new  subsection
    17  (ppp) to read as follows:

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00035-05-4
        A. 92--A                            2

     1    (ppp)  Bivalve mollusk shell recycling credit. (1) A taxpayer shall be
     2  allowed a credit, to be computed as hereinafter provided against the tax
     3  imposed by this article, for the recycling of bivalve mollusk shells.
     4    (2)  The  amount  of  the  credit  shall be the lesser of one thousand
     5  dollars, or ten cents multiplied by the  number  of  pounds  of  bivalve
     6  mollusk  shells  certified  by the New York state department of environ-
     7  mental conservation.
     8    (3) In order for a taxpayer to qualify for  this  credit,  the  shells
     9  shall  be  donated to an entity or organization permitted by the depart-
    10  ment of environmental conservation to reuse such shells for the  benefi-
    11  cial use of oyster reef restoration.
    12    §  3. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
    13  of the tax law is amended by  adding  a  new  clause  (li)  to  read  as
    14  follows:
    15  (li) Bivalve mollusk                 Amount of credit under subdivision
    16  shell recycling credit under         sixty of section two
    17  subsection (ppp)                     hundred ten-B
    18    § 4. Subdivision 1 of section 3-0301 of the environmental conservation
    19  law is amended by adding a new paragraph ee to read as follows:
    20    ee.  Establish  rules  and  regulations regarding the verification and
    21  certification of bivalve mollusk shells returned to the  department  for
    22  recycling  pursuant  to  the  bivalve mollusk shell recycling tax credit
    23  provided in sections two hundred ten-B and six hundred six  of  the  tax
    24  law  and  for  such  shells  to  be reused in the process of oyster reef
    25  restoration.
    26    § 5. This act shall take effect immediately and shall apply to taxable
    27  years beginning on or after January 1, 2024.