Summary of Bill S 691: NY Local Food and Products Sourcing Tax Credit

Bill Number: S 691

Title: NY Local Food and Products Sourcing Tax Credit

Status: Referred to Budget and Revenue

Introduced: January 08, 2025

Classification: Bill

Purpose and Intent

Bill S 691 aims to promote the sourcing of local food and products within New York State by providing a tax credit to eligible businesses. The intent is to encourage economic growth in local agriculture and food production, support small farmers, and enhance the availability of locally sourced products in the marketplace.

Key Provisions

• Tax Credit Eligibility: The bill proposes a tax credit for businesses that purchase a specified percentage of their food and products from local producers. The exact percentage and criteria for eligibility will be defined in the bill's detailed provisions.

• Credit Amount: While the specific dollar amount of the tax credit has not been detailed in the current version, it is expected to provide significant financial incentives for businesses to engage with local suppliers.

• Implementation Timeline: The bill outlines a timeline for implementation, which will commence after its passage and approval. Specific dates for the commencement of the tax credit program will be established.

• Reporting Requirements: Businesses benefiting from the tax credit may be required to report their sourcing practices to ensure compliance and to measure the impact of the program on local economies.

Affected Parties

• Local Farmers and Producers: The bill is designed to benefit local agricultural producers by increasing their market access and sales opportunities.

• Businesses: Retailers, restaurants, and other businesses that source food and products locally will be directly impacted, potentially reducing their operational costs through tax credits.

• Consumers: The general public may benefit from increased availability of fresh, locally sourced products, which can enhance food quality and support local economies.

Procedural Aspects

• Current Status: As of January 8, 2025, the bill has been referred to the Budget and Revenue Committee for further consideration.

• Related Legislation: This bill is related to several prior-session bills (A 3243, A 337, A 1301, A 11270, A 1682, S 5275, S 2645, S 3585) and has a companion bill (A 2317) that may provide additional context or support for its objectives.

Conclusion

Bill S 691 represents a strategic effort to bolster New York's local food economy through tax incentives. By encouraging businesses to source locally, the bill seeks to strengthen community ties, support local agriculture, and enhance the sustainability of food systems within the state. Further developments will be monitored as the bill progresses through the legislative process.