A00023 Summary:

Amd §24, Tax L
Increases the available amount under the empire state film production credit available to taxpayers from five million to fifteen million.
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A00023 Actions:

01/04/2023referred to ways and means
01/03/2024referred to ways and means
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A00023 Committee Votes:

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A00023 Floor Votes:

There are no votes for this bill in this legislative session.
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A00023 Text:

                STATE OF NEW YORK
                               2023-2024 Regular Sessions
                   IN ASSEMBLY
                                     January 4, 2023
        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 2 of part M of chapter  59  of  the  laws  of
     3  2022, is amended to read as follows:
     4    (5)  For  the period two thousand fifteen through two thousand twenty-
     5  nine, 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
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        A. 23                               2
     1  authority of this paragraph shall be [five] fifteen million dollars each
     2  year during the period two thousand fifteen through two  thousand  twen-
     3  ty-nine  of the annual allocation made available to the program pursuant
     4  to  paragraph  four  of  subdivision (e) of this section. Such aggregate
     5  amount of credits shall be allocated by the governor's office for motion
     6  picture and television development among taxpayers in order of  priority
     7  based  upon  the  date  of  filing an application for allocation of film
     8  production credit with such office.  If the total  amount  of  allocated
     9  credits  applied for under this paragraph in any year exceeds the aggre-
    10  gate amount of tax credits allowed for such year under  this  paragraph,
    11  such excess shall be treated as having been applied for on the first day
    12  of  the  next year. If the total amount of allocated tax credits applied
    13  for under this paragraph at the conclusion of  any  year  is  less  than
    14  [five]  fifteen  million dollars, the remainder shall be treated as part
    15  of the annual allocation made available to the program pursuant to para-
    16  graph four of subdivision (e) of this section. However, in no event  may
    17  the  total of the credits allocated under this paragraph and the credits
    18  allocated under paragraph five of subdivision (a) of section  thirty-one
    19  of  this article, as added by section twelve of part Q of chapter fifty-
    20  seven of the laws of two thousand ten,  exceed  [five]  fifteen  million
    21  dollars  in  any year during the period two thousand fifteen through two
    22  thousand twenty-nine.
    23    § 2. This act shall take effect April 1, 2024.
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