Bill Text: NY A07628 | 2019-2020 | General Assembly | Amended


Bill Title: Increases the available amount under the empire state film production credit available to taxpayers from five million to fifteen million.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2019-05-29 - print number 7628a [A07628 Detail]

Download: New_York-2019-A07628-Amended.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                         7628--A

                               2019-2020 Regular Sessions

                   IN ASSEMBLY

                                      May 14, 2019
                                       ___________

        Introduced  by  M.  of  A.  MAGNARELLI  -- read once and referred to the
          Committee on Ways and Means --  committee  discharged,  bill  amended,
          ordered reprinted as amended and recommitted to said committee

        AN ACT to amend the tax law, in relation to increasing the amount of the
          taxpayer empire state film production credit

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Paragraph 5 of subdivision (a) of section  24  of  the  tax
     2  law,  as  amended  by section 1 of part SSS of chapter 59 of the laws of
     3  2019, is amended to read as follows:
     4    (5) For the period two thousand fifteen through two  thousand  twenty-
     5  four,  in  addition to the amount of credit established in paragraph two
     6  of this subdivision, a taxpayer shall be allowed a credit equal  to  the
     7  product  (or pro rata share of the product, in the case of a member of a
     8  partnership) of ten percent and the amount of wages or salaries paid  to
     9  individuals  directly  employed  (excluding  those  employed as writers,
    10  directors, music directors, producers and  performers,  including  back-
    11  ground  actors  with  no  scripted lines) by a qualified film production
    12  company or a qualified independent film production company for  services
    13  performed  by those individuals in one of the counties specified in this
    14  paragraph in connection with a qualified film with a minimum  budget  of
    15  five  hundred  thousand dollars. For purposes of this additional credit,
    16  the services must be performed in one or more of the following counties:
    17  Albany, Allegany,  Broome,  Cattaraugus,  Cayuga,  Chautauqua,  Chemung,
    18  Chenango,  Clinton, Columbia, Cortland, Delaware, Dutchess, Erie, Essex,
    19  Franklin, Fulton, Genesee, Greene, Hamilton, Herkimer, Jefferson, Lewis,
    20  Livingston, Madison,  Monroe,  Montgomery,  Niagara,  Oneida,  Onondaga,
    21  Ontario,  Orange, Orleans, Oswego, Otsego, Putnam, Rensselaer, Saratoga,
    22  Schenectady, Schoharie, Schuyler, Seneca, St. Lawrence, Steuben,  Sulli-
    23  van,  Tioga,  Tompkins,  Ulster,  Warren, Washington, Wayne, Wyoming, or
    24  Yates. The aggregate amount of  tax  credits  allowed  pursuant  to  the

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11503-02-9

        A. 7628--A                          2

     1  authority of this paragraph shall be [five] fifteen million dollars each
     2  year  during  the period two thousand fifteen through two thousand twen-
     3  ty-four of the annual allocation made available to the program  pursuant
     4  to  paragraph  four  of  subdivision (e) of this section. Such aggregate
     5  amount of credits shall be allocated by the governor's office for motion
     6  picture and television development among taxpayers in order of  priority
     7  based  upon  the  date  of  filing an application for allocation of film
     8  production credit with such office.  If the total  amount  of  allocated
     9  credits  applied for under this paragraph in any year exceeds the aggre-
    10  gate amount of tax credits allowed for such year under  this  paragraph,
    11  such excess shall be treated as having been applied for on the first day
    12  of  the  next year. If the total amount of allocated tax credits applied
    13  for under this paragraph at the conclusion of any year is less than five
    14  million dollars, the remainder shall be treated as part  of  the  annual
    15  allocation  made  available to the program pursuant to paragraph four of
    16  subdivision (e) of this section. However, in no event may the  total  of
    17  the  credits  allocated  under  this paragraph and the credits allocated
    18  under paragraph five of subdivision (a) of section  thirty-one  of  this
    19  article  exceed  [five]  fifteen  million dollars in any year during the
    20  period two thousand fifteen through two thousand twenty-four.
    21    § 2. This act shall take effect April 1, 2020.
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