Exempts retail food stores from various state and local taxes if they derive at least 70% of their sales from staple foods and food products for.

New York Assembly Bill A09319 amends the tax law to exempt retail food stores from various state and local taxes if they derive at least 70% of their annual gross sales from staple foods and food products for off-premises consumption. This exemption applies to business income derived from the operation of such retail food stores. Local legislative bodies may adopt local laws to grant or reduce the exemption. The bill also exempts real property owned by qualifying retail food stores from taxation.

Exempts retail food stores from various state and local taxes if they derive at least 70% of their sales from staple foods and food products for.

New York Assembly Bill A09319 amends the tax law to exempt retail food stores from various state and local taxes if they derive at least 70% of their annual gross sales from staple foods and food products for off-premises consumption. This exemption applies to business income derived from the operation of such retail food stores. Local legislative bodies may adopt local laws to grant or reduce the exemption. The bill also exempts real property owned by qualifying retail food stores from taxation.