Creates a local produce tax credit

1 Co-sponsor

• Terry Gipson

BILL NUMBER:S1198

Title of bill

An act to amend the tax law, in relation to creating a local produce tax credit

Purpose or general idea of bill

This bill is aimed to supporting and promoting restaurants to purchase locally grown produce. Any restaurant in New York State that purchases produce with the "pride of New York" sticker on it will receive a tax credit in the amount of $100 for every $1,000 made in purchases.

Summary of specific provisions

Section 1: Restaurants, taverns, cafeterias, or other businesses engaged in the sale of foods prepared and ready to be eaten may claim the local produce tax credit against the tax imposed by this article at the close of the tax year provided, however, that the unused portion of any tax credit claimed shall not be carried forward and applied in another tax year. "Local Produce" is produce grown by a producer with the pride of New York symbol of the business claiming the local produce tax credit within the state of New York, from seed or conception through final product. Businesses claiming the local produce tax credit shall submit a computer generated report with tax returns that claim a tax credit.

Justification

New York State needs to help protect our farmers by promoting them. New York State has many farms that grow fresh produce and should be used and sold to restaurants, markets, taverns, and other establishments that serve fresh food. This bill will help promote New York agriculture and help keep our farmers in New York State.

Prior legislative history

2011-12 - S.4889 - Referred to Investigations and Government Operations

Fiscal implications

To be determined.

Effective date

This act shall take effect immediately.