A1301-2011 Actions

• Jun 19, 2012: held for consideration in ways and means
• Jan 4, 2012: referred to ways and means
• Jan 5, 2011: referred to ways and means

A1301-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         1301
 2011-2012 Regular Sessions
 I N  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:

 

Section  1. 

Section  210  of  the  tax law is amended by adding a new
 subdivision 43 to read as follows:

 43. LOCAL FOOD AND PRODUCTS SOURCING TAX CREDIT. 1. BUSINESSES SUBJECT
 TO TAX LIABILITY UNDER ARTICLE NINE OR NINE-A OF THIS CHAPTER MAY  CLAIM
 THE  LOCAL  FOODS  AND  PRODUCTS  SOURCING  TAX  CREDIT AGAINST ANY SUCH
 LIABILITY AT THE CLOSE OF THE  TAX  YEAR  PROVIDED,  HOWEVER,  THAT  THE
 UNUSED  PORTION  OF  ANY TAX CREDIT CLAIMED SHALL NOT BE CARRIED FORWARD
 AND APPLIED IN ANOTHER TAX YEAR.
 2. FOR THE PURPOSES OF THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE
 FOLLOWING MEANINGS:

 (A) "LOCAL PRODUCTS", ARE ANY PRODUCTS  GROWN,  RAISED,  PRODUCED,  OR
 MANUFACTURED  BY  A  PRODUCER WITHIN THE STATE OF NEW YORK, FROM SEED OR
 CONCEPTION THROUGH FINAL PRODUCT;
 (B) "PRODUCER", IS  AN  INDIVIDUAL  (WHETHER  ACTING  INDIVIDUALLY  OR
 THROUGH  A  COOPERATIVE, CORPORATION, PARTNERSHIP, BUSINESS ASSOCIATION,
 OR EDUCATIONAL INSTITUTION) WHO IS A FARMER, STUDENT FARMER, OR MANUFAC
 TURER OF FOODS OR GOODS IN NEW YORK STATE IT SHALL NOT HOWEVER INCLUDE A
 WHOLESALER OR DISTRIBUTOR;
 (C) "NET SALES" ARE THE TOTAL SALES OF THE BUSINESS SUBJECT TO TAX.
 3. THE AMOUNT OF THE CREDIT  SHALL  BE  PROSCRIBED  ACCORDING  TO  THE
 FOLLOWING SCHEDULE:

 (A)  TWENTY  PERCENT OF NET SALES ARE ATTRIBUTED TO LOCAL PRODUCTS THE
 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
 (B) FORTY PERCENT OF NET SALES ARE ATTRIBUTED TO  LOCAL  PRODUCTS  THE
 CREDIT SHALL BE THREE THOUSAND DOLLARS.
 (C)  SIXTY  PERCENT  OF NET SALES ARE ATTRIBUTED TO LOCAL PRODUCTS THE
 CREDIT SHALL BE SIX THOUSAND DOLLARS.
 (D) EIGHTY PERCENT OF NET SALES ARE ATTRIBUTED TO LOCAL  PRODUCTS  THE
 CREDIT SHALL BE TWELVE THOUSAND DOLLARS.
 (E)  ONE HUNDRED PERCENT OF NET SALES ARE ATTRIBUTED TO LOCAL PRODUCTS
 THE CREDIT SHALL BE TWENTY-FIVE THOUSAND DOLLARS.
 4.(A) BUSINESS CLAIMING THE LOCAL FOOD AND PRODUCTS SOURCING TAX CRED
 IT SHALL SUBMIT A COMPUTER-GENERATED REPORT WITH TAX RETURNS THAT  CLAIM
 A TAX CREDIT.
 (B)  SUCH  REPORT SHALL INCLUDE THE NAME OF THE PRODUCER AND THE PHYS
 ICAL PLACE OF THE BUSINESS WHERE THE PRODUCTS ARE PRODUCED.
 (C) THE AMOUNT PAID BY GROCER OR BUSINESS  TO  THE  PRODUCER  AND  THE
 AMOUNT OF UNITS PURCHASED.
 

S 2. This act shall take effect immediately.

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