|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2020||referred to budget and revenue|
|Apr 23, 2019||referred to budget and revenue|
senate Bill S5275
Current Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S5275 (ACTIVE) - Details
S5275 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5275 SPONSOR: GALLIVAN TITLE OF BILL: An act to amend the tax law, in relation to creating a local food and products sourcing tax credit PURPOSE: This bill establishes the local foods and products sourcing tax credit to encourage businesses to procure and sell local products made in New York. SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends Section 210-B of the tax law by adding a new subdi- vision 49 that authorizes a credit against the corporation or franchise tax for the sale of local products, which are defined as products grown, raised, produced, or manufactured by a producer within New York State, from seed or conception through final product. Section 2 establishes the effective date.
S5275 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5275 2019-2020 Regular Sessions I N S E N A T E April 23, 2019 ___________ Introduced by Sen. GALLIVAN -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue 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: Section 1. Section 210-B of the tax law is amended by adding a new subdivision 53 to read as follows: 53. LOCAL FOOD AND PRODUCTS SOURCING TAX CREDIT. 1. BUSINESSES SUBJECT TO TAX LIABILITY UNDER ARTICLE NINE OR NINE-A OF THIS CHAPTER MAY CLAIM THE LOCAL FOODS AND PRODUCTS SOURCING TAX CREDIT AGAINST ANY SUCH LIABILITY AT THE CLOSE OF THE TAX YEAR PROVIDED, HOWEVER, THAT THE UNUSED PORTION OF ANY TAX CREDIT CLAIMED SHALL NOT BE CARRIED FORWARD AND APPLIED IN ANOTHER TAX YEAR. 2. FOR THE PURPOSES OF THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (A) "LOCAL PRODUCTS", ARE ANY PRODUCTS GROWN, RAISED, PRODUCED, OR MANUFACTURED BY A PRODUCER WITHIN THE STATE OF NEW YORK, FROM SEED OR CONCEPTION THROUGH FINAL PRODUCT; (B) "PRODUCER", IS AN INDIVIDUAL (WHETHER ACTING INDIVIDUALLY OR THROUGH A COOPERATIVE, CORPORATION, PARTNERSHIP, BUSINESS ASSOCIATION, OR EDUCATIONAL INSTITUTION) WHO IS A FARMER, STUDENT FARMER, OR MANUFAC- TURER OF FOODS OR GOODS IN NEW YORK STATE, IT SHALL NOT HOWEVER INCLUDE A WHOLESALER OR DISTRIBUTOR; (C) "NET SALES", ARE THE TOTAL SALES OF THE BUSINESS SUBJECT TO TAX. 3. THE AMOUNT OF THE CREDIT SHALL BE PROSCRIBED ACCORDING TO THE FOLLOWING SCHEDULE: (A) TWENTY PERCENT OF NET SALES ARE ATTRIBUTED TO LOCAL PRODUCTS THE CREDIT SHALL BE ONE THOUSAND FIVE HUNDRED DOLLARS. (B) FORTY PERCENT OF NET SALES ARE ATTRIBUTED TO LOCAL PRODUCTS THE CREDIT SHALL BE THREE THOUSAND DOLLARS. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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