Bill > S02645

This bill amends the New York state 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 a tax credit of up to $25,000 based on the percentage of their net sales that are attributed to "local products" - defined as products grown, raised, produced, or manufactured by a producer within New York state. Businesses must submit a report with their tax returns claiming the credit, which includes information about the producers and the amount paid to them. The credit cannot be carried forward to future tax years.