Bill > A3613

This bill, the "Saving Our Diners and Preserving Our Past (SODA POP) Act," aims to support historic diners and restaurants by providing tax incentives. It establishes a registry maintained by the Division of Travel and Tourism to list qualifying historic diners (in operation for at least 25 years, small businesses, and compliant with regulations) and historic restaurants (meeting the same criteria plus being family-owned). Businesses listed on this registry will receive a sales tax exemption on prepared food and beverages for on-site consumption for 12 months after being added, and will also be eligible for corporation business tax credits (10% of eligible ingredient costs, up to $25,000 annually) and gross income tax credits (also 10% of eligible ingredient costs, up to $25,000 annually). These tax credits can be carried forward for several years and can also be transferred to other taxpayers. The bill defines "eligible ingredients" as substances used in food preparation, excluding alcoholic beverages and tobacco.