Bill > A02317

This bill proposes creating a new tax credit for businesses in New York that source local products, incentivizing companies to purchase goods grown, raised, produced, or manufactured within the state. The tax credit is structured on a sliding scale: businesses can claim between $1,500 and $25,000 depending on the percentage of their net sales that come from local products, with credits increasing as the proportion of local products rises (from 20% to 100% of net sales). To qualify, businesses must be subject to tax liability under specific tax articles and must submit a detailed computer-generated report with their tax returns that includes information about the local producers, their business location, the amount paid to producers, and the number of units purchased. Key definitions in the bill include "local products" (items fully produced in New York from seed or conception) and "producer" (farmers, student farmers, or manufacturers in New York, but excluding wholesalers and distributors). The tax credit cannot be carried forward to subsequent tax years, meaning businesses must use the entire credit in the year it is claimed. The bill aims to support local agriculture and manufacturing by providing a financial incentive for businesses to source products within New York State.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A2317