S 691: Relates to creating a local food and products sourcing tax credit.

  
  STATE OF NEW YORK ________________________________________________________________________ 691 2025-2026 Regular Sessions  IN SENATE (Prefiled) January 8, 2025 ___________ Introduced by Sen. GALLIVAN -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to creating a local food and products sourcing tax credit The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 210-B of the tax law is amended by adding a new 2 subdivision 61 to read as follows: 3 61. Local food and products sourcing tax credit. 1. Businesses subject 4 to tax liability under article nine or nine-A of this chapter may claim 5 the local foods and products sourcing tax credit against any such 6 liability at the close of the tax year provided, however, that the 7 unused portion of any tax credit claimed shall not be carried forward 8 and applied in another tax year. 9 2. For the purposes of this section the following terms shall have the 10 following meanings: 11 (a) "local products", are any products grown, raised, produced, or 12 manufactured by a producer within the state of New York, from seed or 13 conception through final product; 14 (b) "producer", is an individual (whether acting individually or 15 through a cooperative, corporation, partnership, business association, 16 or educational institution) who is a farmer, student farmer, or manufac- 17 turer of foods or goods in New York state, it shall not however include 18 a wholesaler or distributor; 19 (c) "net sales", are the total sales of the business subject to tax. 20 3. The amount of the credit shall be proscribed according to the 21 following schedule: 22 (a) twenty percent of net sales are attributed to local products the 23 credit shall be one thousand five hundred dollars. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01809-01-5 
 S. 691 2 1 (b) forty percent of net sales are attributed to local products the 2 credit shall be three thousand dollars. 3 (c) sixty percent of net sales are attributed to local products the 4 credit shall be six thousand dollars. 5 (d) eighty percent of net sales are attributed to local products the 6 credit shall be twelve thousand dollars. 7 (e) one hundred percent of net sales are attributed to local products 8 the credit shall be twenty-five thousand dollars. 9 4. (a) Businesses claiming the local food and products sourcing tax 10 credit shall submit a computer-generated report with tax returns that 11 claim a tax credit. 12 (b) Such report shall include the name of the producer and the phys- 13 ical place of the business where the products are produced. 14 (c) The amount paid by grocer or business to the producer and the 15 amount of units purchased. 16 § 2. This act shall take effect immediately.