A05562 Summary:

BILL NOA05562
 
SAME ASSAME AS S02883
 
SPONSOREnglebright
 
COSPNSR
 
MLTSPNSR
 
Amd S1201-a, Tax L; amd Part P S7, Chap 60 of 2004
 
Relates to the allocation of the empire state film production credit against taxes for certain film production costs issued by a city having a population of one million or more.
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A05562 Actions:

BILL NOA05562
 
02/23/2011referred to ways and means
01/04/2012referred to ways and means
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A05562 Floor Votes:

There are no votes for this bill in this legislative session.
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A05562 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5562
 
                               2011-2012 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 23, 2011
                                       ___________
 
        Introduced  by  M.  of  A.  ENGLEBRIGHT -- read once and referred to the
          Committee on Ways and Means
 
        AN ACT to amend the tax law and part P of chapter 60 of the laws of 2004
          amending the tax law relating to providing  tax  credits  for  certain
          costs  incurred in film and television productions, in relation to the

          allocation of such credit against taxes for  certain  film  production
          costs issued by a city having a population of one million or more
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Subdivision (b) of  section  1201-a  of  the  tax  law,  as
     2  amended  by  section  5  of part Y of chapter 62 of the laws of 2006, is
     3  amended to read as follows:
     4    (b) Empire state film production credit. Any city in this state having
     5  a population of one million or more, acting through its  local  legisla-
     6  tive body, is hereby authorized to adopt and amend local laws to allow a
     7  credit  against the general corporation tax and the unincorporated busi-
     8  ness tax imposed pursuant to the  authority  of  chapter  seven  hundred
     9  seventy-two  of  the  laws  of nineteen hundred sixty-six which shall be

    10  substantially identical to the credit allowed under section  twenty-four
    11  of this chapter, except that:
    12    (A) (i) the percentage of qualified production costs used to calculate
    13  such credit shall be [five] four percent,
    14    (ii)  for  a television series with respect to which a credit has been
    15  allowed (1) in three taxable years, the amount of the  credit  shall  be
    16  three percent, (2) in four taxable years, the amount of the credit shall
    17  be two percent, and
    18    (iii)  no  credit shall be allowed with respect to a television series
    19  for which a credit has been allowed in five taxable years;
    20    (B) such credit shall not exceed two hundred  fifty  thousand  dollars
    21  per  qualified  film  or  episode  of a qualified television series with

    22  respect to qualified production costs; provided, however,  that  if  the
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07699-01-1

        A. 5562                             2
 
     1  qualified  post production costs paid or incurred which are attributable
     2  to the use of tangible property or the performance of services at a film
     3  post production facility within the city of New York in  the  production
     4  of  such  qualified film equal or exceed seventy-five percent of all the
     5  post production costs paid or incurred which are attributable to the use

     6  of tangible property or the performance of services  at  any  film  post
     7  production  facility  within  and  without the city in the production of
     8  such qualified film, then the aggregate annual  maximum  allowed  credit
     9  shall be three hundred thousand dollars,
    10    [(B)] (C) whenever such section twenty-four references the state, such
    11  words shall be read as referencing the city,
    12    [(C)]  (D)  such credit shall be allowed only to a taxpayer which is a
    13  qualified film production company, [and
    14    (D)] (E) the effective date of such credit shall be  July  first,  two
    15  thousand  six.  Such credit shall be applied in a manner consistent with
    16  the credit allowed under subdivision thirty-six of section  two  hundred

    17  ten  of  this  chapter  except  as may be necessary to take into account
    18  differences between the general corporation tax and  the  unincorporated
    19  business tax, and
    20    (F) for purposes of this subdivision, "television series" or "episodic
    21  television  series" means a recurring production intended in its initial
    22  run for broadcast on television, whether free or  through  subscription-
    23  based  service,  that  has  a running time of at least thirty minutes in
    24  length, inclusive of commercial advertisement and interstitial  program-
    25  ming.
    26    §  2. Subdivision (b) of section 7 of part P of chapter 60 of the laws
    27  of 2004, amending the tax law relating  to  providing  tax  credits  for
    28  certain costs incurred in film and television productions, as amended by

    29  section  2  of  part  Y of chapter 62 of the laws of 2006, is amended to
    30  read as follows:
    31    (b) The aggregate amount  of  tax  credits  allowed  pursuant  to  the
    32  authority  of  subdivision  (b)  of section 1201-a of the tax law in any
    33  calendar year shall be $12.5 million in 2004 and 2005 and $30 million in
    34  2006 through 2011.  Such aggregate amount of credits shall be  allocated
    35  by  the mayor's office of film, [theater] theatre and broadcasting among
    36  taxpayers in order of priority based upon the date of filing an applica-
    37  tion for allocation of film production credit with such office.  If  the
    38  total  amount  of  allocated  credits applied for in any particular year
    39  exceeds the aggregate amount of tax credits allowed for such year  under
    40  this section, such excess shall be treated as having been applied for on

    41  the  first  day  of the subsequent year.  If the aggregate amount of tax
    42  credits available in any given year remains unallocated  in  such  year,
    43  such credits shall be available for allocation in a subsequent year.
    44    §  3.  Section 7 of part P of chapter 60 of the laws of 2004, amending
    45  the tax law relating to providing tax credits for certain costs incurred
    46  in film and television productions, is amended by adding two new  subdi-
    47  visions (f) and (g) to read as follows:
    48    (f)  Notwithstanding any provisions to the contrary, tax credits allo-
    49  cated in 2011 shall not exceed $24 million. If the total amount of allo-
    50  cated credits applied for in 2011 reaches $24 million, additional appli-
    51  cations shall not be accepted until on or after January 1, 2012.

    52    (g) Notwithstanding the provisions of subdivision (b) of this  section
    53  and any other provisions to the contrary, an additional aggregate annual
    54  amount  of $24 million shall be allowed in 2012 and 2013. The additional
    55  aggregate annual amounts for 2012 and 2013 shall  be  allocated  in  $12
    56  million  increments  from  January first through June thirtieth and from

        A. 5562                             3
 
     1  July first through December thirty-first for each of such years. If  the
     2  total  amount  of allocated credits applied for in any of such six month
     3  periods reaches the allowed additional aggregate amount of $12  million,
     4  additional applications shall not be accepted until the first day of the

     5  next six month period which has tax credits available for allocation.
     6    § 4. This act shall take effect immediately and shall apply to taxable
     7  years  beginning on or after January 1, 2011; provided further that this
     8  act shall apply to applications filed on or after January 1, 2011.
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