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S3114Senate2015-2016 Session

Relates to a NY local food and products sourcing tax credit

Sponsor Rich FunkeSD-55+2 co-sponsorsAffects Legal
Status
In Senate Committee
Investigations And Government Operations
Impact
Pending
Passage
Pending

Bill progress

Step 2 of 7

In committee · Investigations And Government Operations

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Who cares

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Sponsors

Primary sponsor
Rich Funke

Senator · Senate District 55

Chair, Elections

History

  1. Print number 3114a
  2. Amend and recommit to investigations and government operations
  3. Referred to investigations and government operations
  4. Referred to investigations and government operations

Full text

The text isn't available here yet. Check nysenate.gov.

Sponsor's memo

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 49 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

A.11270 of 2009-2010; Held for consideration in ways and means. A.1301 of 2011-2012; Held for consideration in ways and means. S.4774 / A.337-A of 2012-2013; Referred to Investigations and Government Operations.

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.