Bill > S00691

This bill creates a local food and products sourcing tax credit for businesses in New York state, providing financial incentives for companies that source a significant percentage of their products from within the state. The tax credit is structured in tiers, ranging from $1,500 for businesses that source 20% of their net sales from local products, up to $25,000 for businesses that source 100% of their net sales from local products. For the purposes of this bill, "local products" are defined as goods grown, raised, produced, or manufactured within New York state from seed or conception through final product, and "producers" include farmers, student farmers, and manufacturers, but exclude wholesalers and distributors. To claim the credit, businesses must submit a computer-generated report with their tax returns that includes details about the producers, the physical location of their businesses, the amount paid to producers, and the number of units purchased. The tax credit can be claimed against tax liability under articles nine or nine-A of the tax law, but any unused portion of the credit cannot be carried forward to another tax year. The bill aims to support local agriculture and manufacturing by providing a financial incentive for businesses to source products from within New York state.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S691