Bill Text: NY S04774 | 2013-2014 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2014-01-08 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S04774 Detail]

Download: New_York-2013-S04774-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4774
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                    April 23, 2013
                                      ___________
       Introduced  by  Sen. MAZIARZ -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations
       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 47 to read as follows:
    3    47. 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.
                                                                  LBD00192-03-3
       S. 4774                             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    S 2. This act shall take effect immediately.