Bill > S01529

This bill, known as the "carbon farming act," establishes a framework for incentivizing farmers to adopt practices that reduce, sequester (store), and mitigate (lessen) greenhouse gas emissions on their land. It creates a Carbon Farming Certification Committee, composed of state officials and appointed representatives with expertise in agriculture and climate science, to develop a certification system. This system will identify "qualified carbon farming practices" – farming methods that effectively store carbon in soil, minerals, or biomass – and set specific standards for their implementation, monitoring, reporting, and verification (MRV). The value of a tax credit for carbon farming will be determined by the amount of carbon sequestered and how long it is expected to remain stored, with longer-term storage receiving higher credit values. The bill also mandates the development of educational materials to promote these practices and establishes a carbon farming tax credit for agricultural businesses that qualify, which can be applied against state taxes and carried over to future years if not fully used. Additionally, it enhances existing tax credits for farmers by an additional ten percent if the property is used for carbon farming.

Agriculture and Natural Resources, Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S1529