Bill > S03585

This bill amends the 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 this credit against their tax liability at the end of the tax year. The amount of the credit depends on the percentage of the business's net sales that are attributed to "local products" - defined as products grown, raised, produced, or manufactured by a producer within New York state. 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 that includes information about the producers and the amounts paid and purchased.