BILL NUMBER: S2654
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.
 
JUSTIFICATION:
New York State is host 36,000 farms and ranks near the top nationwide as
a host for Distilleries, Breweries, and Wineries. While successful in
volume of participants, the competition they face for customers at home
from out-of-state products is substantial due to cost pressures associ-
ated with doing business in New York being higher than producers from
other states or countries.
The State of New York can alleviate cost pressures on its growers by
reinforcing & investing in the New York market itself by incentivizing
both existing and new would-be small businesses within the State to
source these home-grown and home-made goods by offering a tax credit for
an amount based on the percentage of these goods relative to their total
sales.
 
LEGISLATIVE HISTORY:
2023-2024: S3028 referred to Budget and Revenue; A2954 referred to Ways
and Means
2021-22: S7542 referred to Budget and Revenue; A8336 referred to Ways
and Means
 
FISCAL IMPLICATIONS:
To Be Determined.
 
EFFECTIVE DATE:
This bill shall take effect immediately.

Statutes affected:
S2654: 210-B tax law, 606 tax law, 606(i) tax law