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- Referred to cities
- Referred to cities
Companion bill
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Authorizes a credit for beer produced within NYC by a taxpayer that is registered as a distributor under article 18 of the tax law
In Assembly Committee · Ways And Means · Sponsor Joseph Lentol
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5594
Title of bill
An act to amend the administrative code of the city of New York, in relation to establishing a credit for beer produced within the city of New York by a taxpayer that is registered as a distributor under article eighteen of the tax law
Purpose
To encourage the growth of New York City breweries by establishing a beer production tax credit in the New York City Administrative Code.
Summary of provisions
Section 1 adds a new subdivision (p) to section 11-503 of the New York administrative code to provide a beer production business tax credit for beer distributors that produce 60 million or fewer gallons of beer in New York City. The tax credit shall be 12 cents per gallon for the first 500,000 of beer produced, and three and eighty-six one hundredths cents per gallon thereafter until 15,500,000 gallons.
Section 2 adds a new subdivision 22 to section 11-604 of the New York administrative code to provide a beer production corporate tax credit for beer distributors that produce 60 million or fewer gallons of beer in New York City. The amount of the credit shall equal that specified for the business tax credit established in section 1 of the bill, and likewise applicable to the first 15,500,000 gallons only.
Justification
In 2012 New York State established a beer production tax credit with the aim of continuing the State's support of breweries, particularly craft brewers, while removing certain elements from the prior tax credit scheme that had rendered it unconstitutional. This bill extends the 2012 credit to taxes payable to New York City. The credit proposed by this bill largely follows that granted in the 2012 legislation. This bill establishes a tax credit of 12 cents per gallon for the first 500,000 of beer produced, as opposed to 14 cents in the 2012 law, and three and eight-six one hundredths cents per gallon thereafter, as opposed to four-and-a-half cents.
Legislative history
New bill
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately and apply to taxable years beginning on or after January 1, 2014.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.