NY A01214

Establishes a local material tax credit equal to 10 percent of total receipts from purchases of materials from companies located within a 15-mile radius of the taxpayer's business.

Applies the credit to taxpayers subject to tax under Article 9-A (corporation tax) or Article 22 (business and occupation tax) of New York Tax Law.

Limits the credit so it does not reduce tax below the minimum amount prescribed for each tax article; excess credit amounts are treated as overpayment with no carryover to future years.

Excess credit amounts may be credited or refunded according to Tax Law provisions, but no interest shall be paid on refunds.

Takes effect immediately and applies to taxable years beginning on or after January 1, 2011.