|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 26, 2023||referred to budget and revenue|
senate Bill S3028
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
S3028 (ACTIVE) - Details
- See Assembly Version of this Bill:
- Current Committee:
- Senate Budget And Revenue
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§210-B & 606, Tax L
- Versions Introduced in 2021-2022 Legislative Session:
S3028 (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.
S3028 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3028 SPONSOR: STEC TITLE OF BILL: 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 PURPOSE: The purpose of this bill is to incentivize venders to source New York produced goods. SUMMARY OF PROVISIONS: Small Businesses shall qualify for an income tax credit ranging from $1000 - $5000 for the sourcing of New York produced food, beverage, or agricultural goods in an amount that meets a certain percentage of total sales.
S3028 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3028 2023-2024 Regular Sessions I N S E N A T E January 26, 2023 ___________ Introduced by Sen. STEC -- 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 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 S. 3028 2
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