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- Referred to investigations and government operations
- Referred to investigations and government operations
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NY local food and products sourcing tax credit
In Assembly Committee · Ways And Means · Sponsor Stephen Hawley
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4774
Title of bill
An act to amend the tax law, in relation to creating a local food and products sourcing tax credit
Purpose
This bill will provide a tax credit to those businesses in New York state which sell New York state products
Summary of specific provisions
Section 1 Section 210 of the tax law is amended by adding a new subdivision 47 to read as follows: 47. Local food and products sourcing tax credit. 1. Businesses subject to tax liability under article nine or nine-A of this chapter may claim the local foods and products sourcing tax credit against any such liability 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.
Justification
New York state has a plethora of products grown, raised and produced within the state of New York, from seed or conception through final product. Businesses in New York which sell these products make our state stronger by supporting other local businesses which produce these products. This tax credit would encourage more local businesses to buy and sell local goods. Based on the percentage of net sales, the business would receive a percentage of their sales in the form of a tax credit.
Prior legislative history
07/01/10 A11270 - held for consideration in ways and means 06/19/12 A1301 - held for consideration in ways and means
Fiscal implications
Unknown
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.