S01297 Summary:

BILL NOS01297A
 
SAME ASNo Same As
 
SPONSORPERALTA
 
COSPNSR
 
MLTSPNSR
 
Amd §24, Tax L
 
Provides for an annual increase in the aggregate annual amount of empire state film production credits taken, based upon inflation.
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S01297 Actions:

BILL NOS01297A
 
01/09/2015REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
01/06/2016REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
01/12/2016AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
01/12/2016PRINT NUMBER 1297A
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S01297 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         1297--A
 
                               2015-2016 Regular Sessions
 
                    IN SENATE
 
                                     January 9, 2015
                                       ___________
 
        Introduced  by  Sen. PERALTA -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment Operations -- recommitted to the Committee on Investigations  and
          Government  Operations  in  accordance  with  Senate Rule 6, sec. 8 --
          committee discharged, bill amended, ordered reprinted as  amended  and
          recommitted to said committee
 
        AN  ACT to amend the tax law, in relation to the aggregate annual amount
          of the empire state film production credit against state taxes
 
          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 3 of part B of chapter  59  of  the  laws  of
     3  2013, 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 [nineteen] sixteen, except that in tax years after
     8  two thousand sixteen, such amount shall  be  adjusted  annually  on  the
     9  first of January for inflation according to the consumer price index for
    10  all  consumers, all items, Northeast region, not seasonally adjusted, of
    11  the previous year, but in no event shall such amount be less  than  four
    12  hundred  twenty million dollars; provided however, seven million dollars
    13  of the annual allocation shall be available for the  empire  state  film
    14  post production credit pursuant to section thirty-one of this article in
    15  two  thousand thirteen and two thousand fourteen and twenty-five million
    16  dollars of the annual allocation shall be available for the empire state
    17  film post production credit pursuant to section thirty-one of this arti-
    18  cle in each year starting in two thousand fifteen through  two  thousand
    19  nineteen.  This  amount  shall be allocated by the governor's office for
    20  motion picture and television development among taxpayers in  accordance
    21  with  subdivision  (a)  of this section. If the commissioner of economic
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00350-02-6

        S. 1297--A                          2
 
     1  development determines that the aggregate amount of tax  credits  avail-
     2  able  from  additional  pool  2 for the empire state film production tax
     3  credit have been previously allocated, and determines that  the  pending
     4  applications  from  eligible  applicants  for the empire state film post
     5  production tax credit pursuant to section thirty-one of this article  is
     6  insufficient  to  utilize  the  balance of unallocated empire state film
     7  post production tax credits from such pool, the  remainder,  after  such
     8  pending  applications  are considered, shall be made available for allo-
     9  cation in the empire state film tax credit  pursuant  to  this  section,
    10  subdivision thirty-six of section two hundred ten and subsection (gg) of
    11  section  six  hundred  six of this chapter. Also, if the commissioner of
    12  economic development determines that the aggregate amount of tax credits
    13  available from  additional  pool  2  for  the  empire  state  film  post
    14  production  tax  credit  have  been previously allocated, and determines
    15  that the pending applications from eligible applicants  for  the  empire
    16  state  film  production  tax credit pursuant to this section is insuffi-
    17  cient to utilize the balance of unallocated film production tax  credits
    18  from  such  pool,  then all or part of the remainder, after such pending
    19  applications are considered, shall be made available for allocation  for
    20  the  empire  state film post production credit pursuant to this section,
    21  subdivision forty-one of section two hundred ten and subsection (gg)  of
    22  section  six  hundred  six  of  this  chapter. The governor's office for
    23  motion picture and television development must notify taxpayers of their
    24  allocation year and include the allocation year on  the  certificate  of
    25  tax  credit.  Taxpayers eligible to claim a credit must report the allo-
    26  cation year directly on their empire state film  production  credit  tax
    27  form for each year a credit is claimed and include a copy of the certif-
    28  icate  with  their  tax  return.  In  the  case of a qualified film that
    29  receives funds from additional pool 2, no empire state  film  production
    30  credit  shall  be  claimed  before  the  later  of  the taxable year the
    31  production of the qualified film is complete, or the taxable year  imme-
    32  diately  following the allocation year for which the film has been allo-
    33  cated credit by the governor's office for motion picture and  television
    34  development.
    35    § 2. This act shall take effect immediately.
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