NY S05594

Establishes a beer production credit for taxpayers registered as distributors under New York Tax Law Article 18 who produce beer within New York City, effective for taxable years beginning January 1, 2014

Provides a credit of 12 cents per gallon for the first 500,000 gallons of beer produced in NYC per taxable year, and 3.86 cents per gallon for production exceeding 500,000 gallons

Limits the credit to taxpayers producing 60 million or fewer gallons of beer in New York State annually, with no credit allowed for beer produced in excess of 15.5 million gallons

Prohibits partners in a partnership receiving the credit from claiming the credit individually for the same taxable year, and allows excess credits to be treated as overpayments of tax without interest

Applies the credit to both general business tax (Section 11-503) and unincorporated business tax (Section 11-604) provisions of New York City administrative code