Bill Text: NY S04669 | 2019-2020 | General Assembly | Introduced


Bill Title: Phases out the empire state film production credit.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced) 2019-03-20 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S04669 Detail]

Download: New_York-2019-S04669-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          4669
                               2019-2020 Regular Sessions
                    IN SENATE
                                     March 20, 2019
                                       ___________
        Introduced by Sen. ANTONACCI -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment Operations
        AN ACT to amend the tax law, in relation to phasing out the 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 4 of subdivision (e) of section  24  of  the  tax
     2  law,  as  amended  by  section  2 of part M of chapter 59 of the laws of
     3  2017, is amended to read as follows:
     4    (4) Additional pool 2 - The aggregate amount of tax credits allowed in
     5  subdivision (a) of this section shall be increased by an additional four
     6  hundred twenty million dollars in each year starting in two thousand ten
     7  through two thousand [twenty-two] twenty,  two  hundred  eighty  million
     8  dollars in two thousand twenty-one and one hundred forty million dollars
     9  in  two  thousand  twenty-two provided however, seven million dollars of
    10  the annual allocation shall be available for the empire state film  post
    11  production  credit pursuant to section thirty-one of this article in two
    12  thousand thirteen and two  thousand  fourteen  and  twenty-five  million
    13  dollars of the annual allocation shall be available for the empire state
    14  film post production credit pursuant to section thirty-one of this arti-
    15  cle  in  each year starting in two thousand fifteen through two thousand
    16  twenty-two. This amount shall be allocated by the governor's office  for
    17  motion  picture and television development among taxpayers in accordance
    18  with subdivision (a) of this section. If the  commissioner  of  economic
    19  development  determines  that the aggregate amount of tax credits avail-
    20  able from additional pool 2 for the empire  state  film  production  tax
    21  credit  have  been previously allocated, and determines that the pending
    22  applications from eligible applicants for the  empire  state  film  post
    23  production  tax credit pursuant to section thirty-one of this article is
    24  insufficient to utilize the balance of  unallocated  empire  state  film
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10519-01-9

        S. 4669                             2
     1  post  production  tax  credits from such pool, the remainder, after such
     2  pending applications are considered, shall be made available  for  allo-
     3  cation  in  the  empire  state film tax credit pursuant to this section,
     4  subdivision  twenty  of section two hundred ten-B and subsection (gg) of
     5  section six hundred six of this chapter. Also, if  the  commissioner  of
     6  economic development determines that the aggregate amount of tax credits
     7  available  from  additional  pool  2  for  the  empire  state  film post
     8  production tax credit have been  previously  allocated,  and  determines
     9  that  the  pending  applications from eligible applicants for the empire
    10  state film production tax credit pursuant to this  section  is  insuffi-
    11  cient  to utilize the balance of unallocated film production tax credits
    12  from such pool, then all or part of the remainder,  after  such  pending
    13  applications  are considered, shall be made available for allocation for
    14  the empire state film post production credit pursuant to  this  section,
    15  subdivision  thirty-two of section two hundred ten-B and subsection (qq)
    16  of section six hundred six of this chapter. The  governor's  office  for
    17  motion picture and television development must notify taxpayers of their
    18  allocation  year  and  include the allocation year on the certificate of
    19  tax credit. Taxpayers eligible to claim a credit must report  the  allo-
    20  cation  year  directly  on their empire state film production credit tax
    21  form for each year a credit is claimed and include a copy of the certif-
    22  icate with their tax return. In  the  case  of  a  qualified  film  that
    23  receives  funds  from additional pool 2, no empire state film production
    24  credit shall be claimed  before  the  later  of  the  taxable  year  the
    25  production  of the qualified film is complete, or the taxable year imme-
    26  diately following the allocation year for which the film has been  allo-
    27  cated  credit by the governor's office for motion picture and television
    28  development.
    29    § 2. This act shall take effect immediately.
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