S04332 Summary:

BILL NOS04332
 
SAME ASSAME AS A01301
 
SPONSORCARLUCCI
 
COSPNSRKLEIN, SAVINO, VALESKY
 
MLTSPNSR
 
Amd S210, Tax L
 
Relates to creating a local food and products sourcing tax credit.
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S04332 Actions:

BILL NOS04332
 
03/29/2011REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
01/04/2012REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
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S04332 Floor Votes:

There are no votes for this bill in this legislative session.
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S04332 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4332
 
                               2011-2012 Regular Sessions
 
                    IN SENATE
 
                                     March 29, 2011
                                       ___________
 
        Introduced  by Sen. CARLUCCI -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment Operations
 
        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

        S. 4332                             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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