BILL NUMBER: S691
SPONSOR: GALLIVAN
 
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 subdivi-
sion 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.
 
JUSTIFICATION:
New York State produces a plethora of products grown, raised, produced
or manufactured, from seed or conception through final product. The
availability of this tax credit will incentivize businesses to purchase
New York State made products from local businesses for re-sale, thereby
increasing the output of such local businesses, which in turn will
enhance the local multiplier effect that ultimately benefits people in
the communities where such local businesses are situated.
 
PRIOR LEGISLATIVE HISTORY:
2023-24: S.3585/A.2054 Referred to Budget and Revenue/Referred to Ways
and Means
2021-22: S.2645/A.4631A Referred to Budget and Revenue/Referred to Ways
and Means
2019-20: S.5275/A.1651 Referred to Budget and Revenue/Referred to Ways
and Means
2017-18: A.1682 Held for consideration in Ways and Means
2015-16: A.3243 Held for consideration in Ways and Means
2013-14: S.4774/A.337A Referred to Investigation and Government Oper-
ations/ Held for consideration in Ways and Means
2011-12: S.4332/A.1301 Referred to Investigation and Government Oper-
ations/ Held for consideration in Ways and Means
2010: A11270 Held for consideration in Ways and Means
 
FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S691: 210-B tax law