S01297 Summary:
BILL NO | S01297A |
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SAME AS | No Same As |
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SPONSOR | PERALTA |
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COSPNSR | |
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MLTSPNSR | |
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Amd §24, Tax L | |
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Provides for an annual increase in the aggregate annual amount of empire state film production credits taken, based upon inflation. |
S01297 Actions:
BILL NO | S01297A | |||||||||||||||||||||||||||||||||||||||||||||||||
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01/09/2015 | REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||||||||
01/06/2016 | REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||||||||
01/12/2016 | AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||||||||
01/12/2016 | PRINT NUMBER 1297A |
S01297 Text:
Go to top 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. LBD00350-02-6S. 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.