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A 2317

NY local food and products sourcing tax credit

2025 Regular Session Introduced by Ken Blankenbush and 7 co-sponsors

Bill A 2317 offers tax credits to businesses sourcing local food, boosting local farmers, enhancing consumer choices, and stimulating New York's economy.

REFERRED TO WAYS AND MEANS
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Bill Summary · A 2317

Summary of Bill A 2317: NY Local Food and Products Sourcing Tax Credit

Bill Overview

  • Bill Number: A 2317
  • Title: NY Local Food and Products Sourcing Tax Credit
  • Status: Referred to Ways and Means
  • Introduced On: January 16, 2025
  • Classification: Legislative Bill

Purpose and Intent

The primary aim of Bill A 2317 is to promote the sourcing of local food and agricultural products within New York State. By providing a tax credit, the bill seeks to incentivize businesses, particularly restaurants and retailers, to purchase and sell locally produced goods. This initiative is designed to support local farmers and producers, enhance the local economy, and encourage sustainable agricultural practices.

Key Provisions

  • Tax Credit Incentive: The bill proposes a tax credit for businesses that source a certain percentage of their food and agricultural products from local producers. The specifics of the percentage and the credit amount will be detailed in subsequent legislative discussions.
  • Eligibility Criteria: Businesses must meet specific criteria to qualify for the tax credit, including demonstrating a commitment to sourcing from local farms and producers.
  • Reporting Requirements: To ensure compliance and transparency, businesses may be required to report their sourcing practices and the amount of local products purchased.

Impact

  • Beneficiaries:

    • Local Farmers and Producers: The bill is expected to increase demand for locally sourced products, providing a financial boost to local agriculture.
    • Businesses: Restaurants and retailers that participate in the program could benefit from the tax credits, potentially lowering operational costs.
    • Consumers: Increased availability of local products may enhance consumer choice and promote healthier eating habits.

  • Economic Growth: By fostering a stronger local food economy, the bill aims to stimulate job creation and economic development within the state.

Procedural Aspects

  • Current Status: As of January 16, 2025, the bill has been referred to the Ways and Means Committee for further consideration.
  • Related Legislation: This bill is part of a broader legislative effort, with several related bills from prior sessions, indicating ongoing interest in local food sourcing initiatives. Notably, it has a companion bill, S 691, which may provide additional context or support for its provisions.

Conclusion

Bill A 2317 represents a strategic effort to enhance the local food economy in New York State through tax incentives. By encouraging businesses to source locally, the bill aims to strengthen community ties, support local agriculture, and promote sustainable practices, ultimately benefiting the state's economy and its residents. Further discussions and amendments are anticipated as the bill progresses through the legislative process.

Compiled from official sources — confirm details with the bill’s official record.

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