NY A01719

Establishes a beer production credit for taxpayers registered as distributors under tax law article 18 who produce beer in New York City, limited to those producing 60 million or fewer gallons statewide annually.

Credit applies only to beer produced in NYC starting January 1, 2017, with no credit allowed for production exceeding 15.5 million gallons per taxable year.

Credit amounts: 12 cents per gallon for the first 500,000 gallons produced in NYC annually, and 3.86 cents per gallon for each gallon produced above 500,000 gallons.

Excess credits are treated as overpayment of tax to be credited or refunded, with no interest paid on such overpayments.

Effective immediately and applies to taxable years beginning on or after January 1, 2017.