NY S06303

Establishes a beer production credit for taxpayers registered as distributors under Tax Law Article 18 who produce 60 million or fewer gallons of beer in New York State annually, with a maximum credit on 15.5 million gallons per year.

Credits 12 cents per gallon for the first 500,000 gallons of beer produced in New York City per taxable year, and 3.86 cents per gallon for each additional gallon produced in the city.

Applies the credit to general corporation tax (Section 11-503), unincorporated business tax (Section 11-604), and corporation tax on certain partnerships (Section 11-654).

Prevents partners in partnerships receiving the credit from claiming an individual credit for the same taxable year, and treats unused credits as tax overpayments eligible for refund without interest.

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