Bill > A02054

This bill creates a local food and products sourcing tax credit for businesses subject to tax liability under Article 9 or 9-A of the New York Tax Law. The credit amount is based on the percentage of net sales attributed to "local products" grown, raised, produced, or manufactured by a "producer" (defined as a farmer, student farmer, or manufacturer in New York State, but not a wholesaler or distributor). Businesses claiming the credit must submit a report with their tax returns providing details on the producers and products. The unused portion of the credit cannot be carried forward to another tax year.