Bill > A01651

This bill amends the tax law to create a local food and products sourcing tax credit. Businesses subject to tax liability under Article 9 or 9-A of the tax law can claim this credit against their tax liability at the end of the tax year. The credit amount is based on the percentage of the business's net sales that are attributed to "local products," defined as those grown, raised, produced, or manufactured by a "producer" (a farmer, student farmer, or manufacturer) within New York state. The credit ranges from $1,500 for businesses with 20% local products to $25,000 for businesses with 100% local products. Businesses claiming the credit must submit a computer-generated report with their tax returns detailing their local product purchases.