Bill > A03221

This bill creates a tax credit program for small, independently-owned businesses in New York that sell a significant percentage of locally produced products. The credit is structured in three tiers: businesses selling 5-9% of qualifying New York products can claim a $1,000 credit, those selling 10-24% can claim a $2,000 credit, and businesses selling 25% or more of qualifying products can claim a $5,000 credit. Qualifying businesses include cafes, restaurants, bars, breweries, distilleries, food trucks, retail stores, farm stands, hotels, and motels. Qualifying products are those grown, brewed, or distilled in New York state, such as beer, wine, spirits, agricultural ingredients (wheat, hops, corn), dairy products, and meat products. The tax credit can be applied against the business's tax liability, and if the credit exceeds the tax owed, the excess can be treated as an overpayment and potentially refunded. The bill will take effect for taxable years beginning on or after January 1, 2026, and is designed to incentivize small businesses to support and promote New York state's local food and beverage producers.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A3221