Relates to creating a local food and products sourcing tax credit.
Summary
Bill S00691 proposes the establishment of a local food and products sourcing tax credit for businesses in New York State. This credit would allow businesses subject to tax liability under specified articles of the tax law to claim a credit based on the percentage of their net sales attributed to local products. The credit amount varies depending on the percentage of local products sold, ranging from $1,500 for 20% local sales to $25,000 for 100% local sales. The bill aims to incentivize businesses to source products locally, thereby supporting local agriculture and manufacturing.
Impact
If enacted, this bill would amend the New York State tax law to introduce a new tax credit specifically for businesses that source local products. It would encourage local economic activity by providing financial benefits to businesses that prioritize local sourcing. The bill's implementation could lead to increased sales for local producers and potentially stimulate job growth in the agricultural and manufacturing sectors within the state.
Sentiment
The sentiment around Bill S00691 appears to be generally positive, as it aligns with efforts to promote local economies and sustainable sourcing practices. However, without specific voting history or committee discussions available, it is difficult to gauge the full extent of support or opposition among lawmakers and stakeholders.
Contention
Notable points of contention may arise regarding the definition of 'local products' and the administrative burden of reporting requirements for businesses claiming the credit. Some stakeholders may argue that the criteria for qualifying as a 'local producer' could exclude certain businesses, while others may raise concerns about the complexity of compliance with the reporting requirements.
Requires school meal service providers, when procuring local and regional foods for students, to give purchasing preference to foods produced by in-State farmers and other food producers located within 100 miles of destination school.
Requires Secretary of Agriculture to establish Farm to School Local Food Procurement Reimbursement Grant Program to reimburse school districts for costs expended in sourcing and procuring local foods for students; appropriates $4,500,000.
Requires Secretary of Agriculture to establish Farm to School Local Food Procurement Reimbursement Grant Program to reimburse school districts for costs expended in sourcing and procuring local foods for students; appropriates $4,500,000.