Assembly Bill A2954

2023-2024 Legislative Session

Creates a tax credit for small businesses that sell a certain percentage of products produced in New York state

download bill text pdf

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Current Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-A2954 (ACTIVE) - Details

See Senate Version of this Bill:
S3028
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in 2021-2022 Legislative Session:
A8336, S7542

2023-A2954 (ACTIVE) - Summary

Creates a tax credit for small businesses that sell a certain percentage of products produced in New York state; provides such small businesses include independently or privately-owned cafes, restaurants, eateries, bars, pubs, breweries, distilleries, orchards, food trucks, retail stores, farm stands, hotels, or motels.

2023-A2954 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2954
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 1, 2023
                                ___________
 
 Introduced   by   M.   of   A.  SIMPSON,  SMULLEN,  BRABENEC,  GANDOLFO,
   J. M. GIGLIO, DURSO, ANGELINO, GALLAHAN -- read once and  referred  to
   the Committee on Ways and Means
 
 AN  ACT  to  amend the tax law, in relation to creating a tax credit for
   small businesses that sell a certain percentage of  products  produced
   in New York state

   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 59 to read as follows:
   59.  CREDIT  FOR  SMALL  BUSINESSES  THAT SELL NEW YORK STATE PRODUCED
 PRODUCTS. (A) A SMALL BUSINESS SHALL BE ALLOWED A CREDIT AGAINST THE TAX
 IMPOSED BY THIS ARTICLE IF SUCH SMALL BUSINESS SELLS A CERTAIN  PERCENT-
 AGE  OF  QUALIFIED  PRODUCTS. SUCH CREDIT SHALL BE COMPUTED ACCORDING TO
 THE FOLLOWING SCHEDULE:
   (I) CREDIT OF ONE THOUSAND DOLLARS WHEN FIVE  TO  NINE  PERCENT  OF  A
 QUALIFYING  SMALL  BUSINESS'  TOTAL  SALES ARE ATTRIBUTED TO THE SALE OF
 QUALIFYING PRODUCTS.
   (II) CREDIT OF TWO THOUSAND DOLLARS WHEN TEN TO TWENTY-FOUR PERCENT OF
 A QUALIFYING SMALL BUSINESS' TOTAL SALES ARE ATTRIBUTED TO THE  SALE  OF
 QUALIFYING PRODUCTS.
   (III) CREDIT OF FIVE THOUSAND DOLLARS WHEN TWENTY-FIVE PERCENT OR MORE
 OF  A  QUALIFYING SMALL BUSINESS' TOTAL SALES ARE ATTRIBUTED TO THE SALE
 OF QUALIFYING PRODUCTS.
   (B) FOR THE PURPOSES OF THIS SUBDIVISION, THE TERM:
   (I) "SMALL BUSINESS" SHALL MEAN A BUSINESS WHICH IS  AN  INDEPENDENTLY
 OR  PRIVATELY-OWNED CAFE, RESTAURANT, EATERY, BAR, PUB, BREWERY, DISTIL-
 LERY, ORCHARD, FOOD TRUCK, RETAIL STORE, FARM STAND, HOTEL, OR MOTEL.
   (II) "QUALIFIED PRODUCT" SHALL MEAN A PRODUCT WHICH IS  GROWN,  BREWED
 OR DISTILLED IN NEW YORK STATE AND SUCH PRODUCTS SHALL INCLUDE:
   (A) BEER, WINE, SPIRITS, AND CIDERS;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06721-01-3
              

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