Bill > S05275

This bill amends the tax law to create a local food and products sourcing tax credit. Businesses subject to tax under Articles 9 or 9-A of the tax law can claim the 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," which are defined as products grown, raised, produced, or manufactured by a "producer" (an individual 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 report with their tax returns that includes information about the producers and the amounts paid to them.