Bill > S02654

This bill creates a tax credit program designed to support small, independently-owned businesses in New York that sell locally produced products. The credit provides financial incentives for businesses like cafes, restaurants, bars, breweries, food trucks, and hotels to purchase and sell New York-made goods. Specifically, businesses can receive tax credits based on the percentage of their total sales from qualifying New York products: $1,000 for 5-9% of sales, $2,000 for 10-24% of sales, and $5,000 for 25% or more of sales. Qualifying products include New York-produced beer, wine, spirits, agricultural ingredients (like wheat, corn, and hops), dairy products, and meat products. The tax credit applies to both corporate and individual income taxes, and any excess credit can be carried forward or refunded. The program is set to take effect for taxable years beginning on or after January 1, 2026, and aims to encourage local economic development by supporting businesses that prioritize New York-produced goods.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S2654