Bill Text: NY A01301 | 2011-2012 | General Assembly | Introduced

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Bill Title: Relates to creating a local food and products sourcing tax credit.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2012-06-19 - held for consideration in ways and means [A01301 Detail]

Download: New_York-2011-A01301-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         1301
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 5, 2011
                                      ___________
       Introduced by M. of A. HAWLEY -- read once and referred to the Committee
         on Ways and Means
       AN  ACT  to  amend the tax law, in relation to creating a local food and
         products sourcing 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  of  the  tax law is amended by adding a new
    2  subdivision 43 to read as follows:
    3    43. LOCAL FOOD AND PRODUCTS SOURCING TAX CREDIT. 1. BUSINESSES SUBJECT
    4  TO TAX LIABILITY UNDER ARTICLE NINE OR NINE-A OF THIS CHAPTER MAY  CLAIM
    5  THE  LOCAL  FOODS  AND  PRODUCTS  SOURCING  TAX  CREDIT AGAINST ANY SUCH
    6  LIABILITY AT THE CLOSE OF THE  TAX  YEAR  PROVIDED,  HOWEVER,  THAT  THE
    7  UNUSED  PORTION  OF  ANY TAX CREDIT CLAIMED SHALL NOT BE CARRIED FORWARD
    8  AND APPLIED IN ANOTHER TAX YEAR.
    9    2. FOR THE PURPOSES OF THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE
   10  FOLLOWING MEANINGS:
   11    (A) "LOCAL PRODUCTS", ARE ANY PRODUCTS  GROWN,  RAISED,  PRODUCED,  OR
   12  MANUFACTURED  BY  A  PRODUCER WITHIN THE STATE OF NEW YORK, FROM SEED OR
   13  CONCEPTION THROUGH FINAL PRODUCT;
   14    (B) "PRODUCER", IS  AN  INDIVIDUAL  (WHETHER  ACTING  INDIVIDUALLY  OR
   15  THROUGH  A  COOPERATIVE, CORPORATION, PARTNERSHIP, BUSINESS ASSOCIATION,
   16  OR EDUCATIONAL INSTITUTION) WHO IS A FARMER, STUDENT FARMER, OR MANUFAC-
   17  TURER OF FOODS OR GOODS IN NEW YORK STATE IT SHALL NOT HOWEVER INCLUDE A
   18  WHOLESALER OR DISTRIBUTOR;
   19    (C) "NET SALES" ARE THE TOTAL SALES OF THE BUSINESS SUBJECT TO TAX.
   20    3. THE AMOUNT OF THE CREDIT  SHALL  BE  PROSCRIBED  ACCORDING  TO  THE
   21  FOLLOWING SCHEDULE:
   22    (A)  TWENTY  PERCENT OF NET SALES ARE ATTRIBUTED TO LOCAL PRODUCTS THE
   23  CREDIT SHALL BE ONE THOUSAND FIVE HUNDRED DOLLARS.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03379-01-1
       A. 1301                             2
    1    (B) FORTY PERCENT OF NET SALES ARE ATTRIBUTED TO  LOCAL  PRODUCTS  THE
    2  CREDIT SHALL BE THREE THOUSAND DOLLARS.
    3    (C)  SIXTY  PERCENT  OF NET SALES ARE ATTRIBUTED TO LOCAL PRODUCTS THE
    4  CREDIT SHALL BE SIX THOUSAND DOLLARS.
    5    (D) EIGHTY PERCENT OF NET SALES ARE ATTRIBUTED TO LOCAL  PRODUCTS  THE
    6  CREDIT SHALL BE TWELVE THOUSAND DOLLARS.
    7    (E)  ONE HUNDRED PERCENT OF NET SALES ARE ATTRIBUTED TO LOCAL PRODUCTS
    8  THE CREDIT SHALL BE TWENTY-FIVE THOUSAND DOLLARS.
    9    4.(A) BUSINESS CLAIMING THE LOCAL FOOD AND PRODUCTS SOURCING TAX CRED-
   10  IT SHALL SUBMIT A COMPUTER-GENERATED REPORT WITH TAX RETURNS THAT  CLAIM
   11  A TAX CREDIT.
   12    (B)  SUCH  REPORT SHALL INCLUDE THE NAME OF THE PRODUCER AND THE PHYS-
   13  ICAL PLACE OF THE BUSINESS WHERE THE PRODUCTS ARE PRODUCED.
   14    (C) THE AMOUNT PAID BY GROCER OR BUSINESS  TO  THE  PRODUCER  AND  THE
   15  AMOUNT OF UNITS PURCHASED.
   16    S 2. This act shall take effect immediately.