Bill > A05660

This bill establishes a comprehensive Carbon Farming Act to incentivize and support agricultural practices that reduce greenhouse gas emissions by sequestering carbon in agricultural soils, minerals, and biomass. The legislation creates a Carbon Farming Certification Committee composed of representatives from various state agencies and agricultural backgrounds, tasked with developing a certification framework for carbon farming practices. The committee will identify qualified carbon removal practices, establish practice-specific certification standards, and determine the monetary value of carbon sequestration based on the social cost of carbon and the durability of carbon storage. The bill introduces a carbon farming tax credit for agricultural businesses, with credit values varying according to the longevity of carbon sequestration, and allows for tax credits to be carried over or refunded depending on the farmer's income. Additionally, the bill mandates the development of educational materials to promote carbon farming and provides an extra ten percent tax credit for property used specifically for carbon farming purposes. The ultimate goal is to support New York's agricultural sector, advance climate goals, promote rural economic development, and position the state as a leader in climate-smart agricultural practices.

Agriculture and Natural Resources

https://www.nysenate.gov/legislation/bills/2025/A5660