New York S00691 proposes a tax credit for businesses sourcing local food and products.

New York S00691 amends the tax law to create a local food and products sourcing tax credit. Eligible businesses can claim this credit against their tax liability at the end of the tax year. The credit amount varies based on the percentage of net sales attributed to local products, ranging from $1,500 to $25,000. Local products are defined as those grown, raised, produced, or manufactured in New York by a producer, excluding wholesalers or distributors.

New York S00691 proposes a tax credit for businesses sourcing local food and products.

New York S00691 amends the tax law to create a local food and products sourcing tax credit. Eligible businesses can claim this credit against their tax liability at the end of the tax year. The credit amount varies based on the percentage of net sales attributed to local products, ranging from $1,500 to $25,000. Local products are defined as those grown, raised, produced, or manufactured in New York by a producer, excluding wholesalers or distributors.