NY S07217

Establishes a tax credit for eligible businesses (corporations, S corporations, sole proprietorships, LLCs, and partnerships) that purchase New York-grown crops and use them to create value-added products, effective for taxable years beginning January 1, 2019.

Credit amounts range from $1,500 to $25,000 based on the percentage of net sales attributed to value-added products using New York-grown crops: 20% net sales = $1,500; 40% = $3,000; 60% = $6,000; 80% = $12,000; 100% = $25,000.

Eligible crops include fruits (apples, peaches, grapes, cherries, berries), vegetables (tomatoes, snap beans, cabbage, carrots, beets, onions), potatoes, and dry beans.

Requires businesses claiming the credit to submit a computer-generated report with tax returns that includes the producer's name, physical business location, amount paid to producer, and units purchased.

Unused tax credits cannot be carried forward to future tax years; excess credits are treated as overpayments with no interest paid, and applies to corporation and personal income tax filers.