A01301 Summary:

BILL NOA01301
 
SAME ASSAME AS S04332
 
SPONSORHawley
 
COSPNSR
 
MLTSPNSRJohns
 
Amd S210, Tax L
 
Relates to creating a local food and products sourcing tax credit.
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A01301 Actions:

BILL NOA01301
 
01/05/2011referred to ways and means
01/04/2012referred to ways and means
06/19/2012held for consideration in ways and means
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A01301 Floor Votes:

There are no votes for this bill in this legislative session.
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A01301 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          1301
 
                               2011-2012 Regular Sessions
 
                   IN ASSEMBLY
 
                                       (Prefiled)
 
                                     January 5, 2011
                                       ___________
 
        Introduced by M. of A. HAWLEY -- read once and referred to the Committee
          on Ways and Means
 
        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:
 
     1    Section  1.  Section  210  of  the  tax law is amended by adding a new
     2  subdivision 43 to read as follows:
     3    43. Local food and products sourcing tax credit. 1. Businesses subject
     4  to tax liability under article nine or nine-A of this chapter may  claim
     5  the  local  foods  and  products  sourcing  tax  credit against any such
     6  liability at the close of the  tax  year  provided,  however,  that  the
     7  unused  portion  of  any tax credit claimed shall not be carried forward
     8  and applied in another tax year.
     9    2. For the purposes of this section the following terms shall have the
    10  following meanings:
    11    (a) "local products", are any products  grown,  raised,  produced,  or

    12  manufactured  by  a  producer within the state of New York, from seed or
    13  conception through final product;
    14    (b) "producer", is  an  individual  (whether  acting  individually  or
    15  through  a  cooperative, corporation, partnership, business association,
    16  or educational institution) who is a farmer, student farmer, or manufac-
    17  turer of foods or goods in New York state it shall not however include a
    18  wholesaler or distributor;
    19    (c) "net sales" are the total sales of the business subject to tax.
    20    3. The amount of the credit  shall  be  proscribed  according  to  the
    21  following schedule:
    22    (a)  twenty  percent of net sales are attributed to local products the
    23  credit shall be one thousand five hundred dollars.
 

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03379-01-1

        A. 1301                             2
 
     1    (b) forty percent of net sales are attributed to  local  products  the
     2  credit shall be three thousand dollars.
     3    (c)  sixty  percent  of net sales are attributed to local products the
     4  credit shall be six thousand dollars.
     5    (d) eighty percent of net sales are attributed to local  products  the
     6  credit shall be twelve thousand dollars.
     7    (e)  one hundred percent of net sales are attributed to local products
     8  the credit shall be twenty-five thousand dollars.

     9    4.(a) Business claiming the local food and products sourcing tax cred-
    10  it shall submit a computer-generated report with tax returns that  claim
    11  a tax credit.
    12    (b)  Such  report shall include the name of the producer and the phys-
    13  ical place of the business where the products are produced.
    14    (c) The amount paid by grocer or business  to  the  producer  and  the
    15  amount of units purchased.
    16    § 2. This act shall take effect immediately.
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