Bill Text: NY A07628 | 2019-2020 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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 - Dead) 2020-01-08 - referred to ways and means [A07628 Detail]
Download: New_York-2019-A07628-Introduced.html
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 - Dead) 2020-01-08 - referred to ways and means [A07628 Detail]
Download: New_York-2019-A07628-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7628 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 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 25 authority of this paragraph shall be [five] fifteen million dollars each EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11503-01-9A. 7628 2 1 year during the period two thousand fifteen through two thousand twen- 2 ty-four of the annual allocation made available to the program pursuant 3 to paragraph four of subdivision (e) of this section. Such aggregate 4 amount of credits shall be allocated by the governor's office for motion 5 picture and television development among taxpayers in order of priority 6 based upon the date of filing an application for allocation of film 7 production credit with such office. If the total amount of allocated 8 credits applied for under this paragraph in any year exceeds the aggre- 9 gate amount of tax credits allowed for such year under this paragraph, 10 such excess shall be treated as having been applied for on the first day 11 of the next year. If the total amount of allocated tax credits applied 12 for under this paragraph at the conclusion of any year is less than five 13 million dollars, the remainder shall be treated as part of the annual 14 allocation made available to the program pursuant to paragraph four of 15 subdivision (e) of this section. However, in no event may the total of 16 the credits allocated under this paragraph and the credits allocated 17 under paragraph five of subdivision (a) of section thirty-one of this 18 article exceed [five] fifteen million dollars in any year during the 19 period two thousand fifteen through two thousand twenty-four. 20 § 2. Paragraph 2 of subdivision (b) of section 24 of the tax law, as 21 added by section 1 of part P of chapter 60 of the laws of 2004, is 22 amended to read as follows: 23 (2) "Production costs" means any costs for tangible property used and 24 services performed directly and predominantly in the production (includ- 25 ing pre-production and post production) of a qualified film. 26 "Production costs" shall not include (i) costs for a story, script or 27 scenario to be used for a qualified film and (ii) wages or salaries or 28 other compensation for writers, directors, including music directors, 29 producers and performers (other than background actors with no scripted 30 lines) provided, however, such costs otherwise excluded in this para- 31 graph shall be eligible as production costs if such costs are no more 32 than the standard compensation rates set either by the Writers Guild of 33 America, the Directors Guild of America or the Screen Actors Guild and 34 are directly related to the service performed in one or more of the 35 counties listed in paragraph five of subdivision (a) of this section. 36 "Production costs" generally include technical and crew production 37 costs, such as expenditures for film production facilities, or any part 38 thereof, props, makeup, wardrobe, film processing, camera, sound record- 39 ing, set construction, lighting, shooting, editing and meals. 40 § 3. This act shall take effect April 1, 2020.