Bill Text: NY A03243 | 2015-2016 | General Assembly | Introduced

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Bill Title: Relates to creating a local food and products sourcing tax credit.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2016-06-14 - held for consideration in ways and means [A03243 Detail]

Download: New_York-2015-A03243-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3243
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 22, 2015
                                      ___________
       Introduced  by  M.  of A. HAWLEY, JOHNS -- read once and referred to the
         Committee on Ways and Means
       AN ACT to amend the tax law, in relation to creating a  local  food  and
         products sourcing tax credit
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 210-b of the tax law is amended  by  adding  a  new
    2  subdivision 49 to read as follows:
    3    49. LOCAL FOOD AND PRODUCTS SOURCING TAX CREDIT. 1. BUSINESSES SUBJECT
    4  TO  TAX LIABILITY UNDER ARTICLE NINE OR NINE-A OF THIS CHAPTER MAY CLAIM
    5  THE LOCAL FOODS AND  PRODUCTS  SOURCING  TAX  CREDIT  AGAINST  ANY  SUCH
    6  LIABILITY  AT  THE  CLOSE  OF  THE  TAX YEAR PROVIDED, HOWEVER, THAT THE
    7  UNUSED PORTION OF ANY TAX CREDIT CLAIMED SHALL NOT  BE  CARRIED  FORWARD
    8  AND APPLIED IN ANOTHER TAX YEAR.
    9    2. FOR THE PURPOSES OF THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE
   10  FOLLOWING MEANINGS:
   11    (A)  "LOCAL  PRODUCTS",  ARE  ANY PRODUCTS GROWN, RAISED, PRODUCED, OR
   12  MANUFACTURED BY A PRODUCER WITHIN THE STATE OF NEW YORK,  FROM  SEED  OR
   13  CONCEPTION THROUGH FINAL PRODUCT;
   14    (B)  "PRODUCER",  IS  AN  INDIVIDUAL  (WHETHER  ACTING INDIVIDUALLY OR
   15  THROUGH A COOPERATIVE, CORPORATION, PARTNERSHIP,  BUSINESS  ASSOCIATION,
   16  OR EDUCATIONAL INSTITUTION) WHO IS A FARMER, STUDENT FARMER, OR MANUFAC-
   17  TURER  OF FOODS OR GOODS IN NEW YORK STATE, IT SHALL NOT HOWEVER INCLUDE
   18  A WHOLESALER OR DISTRIBUTOR;
   19    (C) "NET SALES", ARE THE TOTAL SALES OF THE BUSINESS SUBJECT TO TAX.
   20    3. THE AMOUNT OF THE CREDIT  SHALL  BE  PROSCRIBED  ACCORDING  TO  THE
   21  FOLLOWING SCHEDULE:
   22    (A)  TWENTY  PERCENT OF NET SALES ARE ATTRIBUTED TO LOCAL PRODUCTS THE
   23  CREDIT SHALL BE ONE THOUSAND FIVE HUNDRED DOLLARS.
   24    (B) FORTY PERCENT OF NET SALES ARE ATTRIBUTED TO  LOCAL  PRODUCTS  THE
   25  CREDIT SHALL BE THREE THOUSAND DOLLARS.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD02247-01-5
       A. 3243                             2
    1    (C)  SIXTY  PERCENT  OF NET SALES ARE ATTRIBUTED TO LOCAL PRODUCTS THE
    2  CREDIT SHALL BE SIX THOUSAND DOLLARS.
    3    (D)  EIGHTY  PERCENT OF NET SALES ARE ATTRIBUTED TO LOCAL PRODUCTS THE
    4  CREDIT SHALL BE TWELVE THOUSAND DOLLARS.
    5    (E) ONE HUNDRED PERCENT OF NET SALES ARE ATTRIBUTED TO LOCAL  PRODUCTS
    6  THE CREDIT SHALL BE TWENTY-FIVE THOUSAND DOLLARS.
    7    4.(A)  BUSINESSES  CLAIMING  THE  LOCAL FOOD AND PRODUCTS SOURCING TAX
    8  CREDIT SHALL SUBMIT A COMPUTER-GENERATED REPORT WITH  TAX  RETURNS  THAT
    9  CLAIM A TAX CREDIT.
   10    (B)  SUCH  REPORT SHALL INCLUDE THE NAME OF THE PRODUCER AND THE PHYS-
   11  ICAL PLACE OF THE BUSINESS WHERE THE PRODUCTS ARE PRODUCED.
   12    (C) THE AMOUNT PAID BY GROCER OR BUSINESS  TO  THE  PRODUCER  AND  THE
   13  AMOUNT OF UNITS PURCHASED.
   14    S 2. This act shall take effect immediately.