Bill Text: NY A02054 | 2023-2024 | General Assembly | Introduced

---

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

Spectrum: Partisan Bill (Republican 9-0)

Status: (Introduced) 2024-01-03 - referred to ways and means [A02054 Detail]

Download: New_York-2023-A02054-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________

                                          2054

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 23, 2023
                                       ___________

        Introduced  by  M.  of A. HAWLEY, SMULLEN, ANGELINO, GALLAHAN, LEMONDES,
          DeSTEFANO, DURSO, BRABENEC, MANKTELOW -- 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-B of the tax law is amended  by  adding  a  new
     2  subdivision 59 to read as follows:
     3    59. 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
    18  a 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.
                                                                   LBD00217-02-3
        A. 2054                             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) Businesses claiming the local food and  products  sourcing  tax
    10  credit  shall  submit  a computer-generated report with tax returns that
    11  claim 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    § 2. This act shall take effect immediately.