NY A00337

Businesses subject to tax liability under Article Nine or Nine-A of tax law may claim a local food and products sourcing tax credit against tax liability in the tax year earned, with unused portions not carried forward to future years.

"Local products" are defined as products grown, raised, produced, or manufactured within New York State from seed or conception through final product by farmers, student farmers, or manufacturers (excluding wholesalers and distributors).

Tax credit amounts range from $1,500 to $25,000 based on the percentage of net sales attributed to local products: 20% ($1,500), 40% ($3,000), 60% ($6,000), 80% ($12,000), or 100% ($25,000).

Businesses claiming the credit must submit a computer-generated report with tax returns that includes the producer's name, physical location of production, amounts paid to producers, and number of units purchased.

Act takes effect immediately upon enactment.