Bill > A04631

This bill creates a local food and products sourcing tax credit in New York. Businesses subject to tax liability under Article 9 or 9-A of the tax law can claim a tax credit based on the percentage of their net sales that are attributed to "local products" - defined as those grown, raised, produced, or manufactured by a New York producer. The amount of the credit ranges from $1,500 for 20% local products to $25,000 for 100% local products. Businesses claiming the credit must submit a report with their tax returns detailing the producers and amounts paid for the local products.