Bill > S03028

This bill creates a tax credit for small businesses in New York state that sell a certain percentage of products produced in the state. The credit amounts are: $1,000 for 5-9% of sales from qualifying products, $2,000 for 10-24% of sales, and $5,000 for 25% or more of sales. "Qualifying products" include beer, wine, spirits, ciders, agricultural ingredients, dairy products, and meat products. The bill defines "small business" as independently or privately-owned cafes, restaurants, bars, breweries, food trucks, retail stores, and other establishments. The credit can reduce the tax due, but any excess credit can be refunded without interest. The bill takes effect immediately and applies to taxable years beginning on or after January 1, 2024.