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A10049 Summary:

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A10049 Floor Votes:

A10049 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          10049
 
                   IN ASSEMBLY
 
                                      June 10, 2014
                                       ___________
 
        Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. Santabar-
          bara) -- read once and referred to the Committee on Ways and Means
 
        AN ACT to amend the tax law, in relation to establishing a  musical  and
          theatrical  production  business franchise credit; to amend chapter 59
          of the laws of 2014, amending the tax law relating to  a  musical  and

          theatrical production credit, in relation to the effective date there-
          of; and providing for the repeal of certain provisions upon expiration
          thereof
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Paragraph 1 of subdivision (c) of section 24-a of  the  tax
     2  law, as added by section 1 of part HH of chapter 59 of the laws of 2014,
     3  is amended to read as follows:
     4    (1) article 9-A: section [210-B] 210:  subdivision [47] 50.
     5    § 2. Paragraph 1 of subdivision (e) of section 24-a of the tax law, as
     6  added  by  section  1  of  part HH of chapter 59 of the laws of 2014, is
     7  amended to read as follows:
     8    (1) The aggregate amount of tax credits allowed  under  this  section,

     9  subdivision  [forty-seven]  fifty of section two hundred [ten-B] ten and
    10  subsection (u) of section six hundred six of this chapter in any  calen-
    11  dar year shall be four million dollars. Such aggregate amount of credits
    12  shall  be  allocated  by  the  department  of economic development among
    13  taxpayers in order of priority based upon the date of filing an applica-
    14  tion for allocation of musical and  theatrical  production  credit  with
    15  such department. If the total amount of allocated credits applied for in
    16  any  particular year exceeds the aggregate amount of tax credits allowed
    17  for such year under this section, such excess shall be treated as having
    18  been applied for on the first day of the subsequent year.
    19    § 3. Section 210 of the tax law is amended by adding a new subdivision
    20  50 to read as follows:

    21    50. Musical and theatrical production credit. (a) Allowance of credit.
    22  A taxpayer who is eligible pursuant to  section  twenty-four-a  of  this
    23  chapter  shall  be  allowed  a credit to be computed as provided in such
    24  section against the tax imposed by this article.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15496-02-4
        A. 10049                            2
 
     1    (b) Application of credit. The credit allowed under  this  subdivision
     2  for  any taxable year shall not reduce the tax due for such year to less
     3  than the amount prescribed in paragraph (d) of subdivision one  of  this

     4  section.   Provided, however, that if the amount of the credit allowable
     5  under  this  subdivision  for  any  taxable year reduces the tax to such
     6  amount, the excess shall be treated as an overpayment of tax to be cred-
     7  ited or refunded in accordance with the provisions of section one  thou-
     8  sand  eighty-six  of  this chapter. Provided, further, the provisions of
     9  subsection (c) of section one  thousand  eighty-eight  of  this  chapter
    10  notwithstanding, no interest shall be paid thereon.
    11    § 4. Clause (xxxix) of subparagraph B of paragraph 1 of subsection (i)
    12  of section 606 of the tax law, as added by section 3 of part HH of chap-
    13  ter 59 of the laws of 2014, is amended to read as follows:
    14  (xxxix) Musical and theatrical       Amount of credit for

    15  production credit under              the sum of the qualified
    16  subsection (u)                       production expenditures and
    17                                       the transportation expenditures
    18                                       in a qualified musical and
    19                                       theatrical production under
    20                                       subdivision [forty-seven] fifty of
    21                                       section two hundred [ten-B] ten
    22    §  5.  Section 5 of part HH of chapter 59 of the laws of 2014, amended
    23  the tax law relating to a musical and theatrical production  credit,  is
    24  amended to read as follows:
    25    § 5. This act shall take effect immediately and shall apply to taxable
    26  years  commencing on or after January 1, 2014, provided that section two

    27  of this act shall take effect on January 1, 2015, [and  shall  apply  to
    28  taxable  years  beginning  on or after January 1, 2015,] with respect to
    29  "qualified production expenditures"  and  "transportation  expenditures"
    30  paid  or incurred on or after such effective date, regardless of whether
    31  the  production  of  the  qualified  musical  or  theatrical  production
    32  commenced  before such date, provided further that this act shall expire
    33  and be deemed repealed 4 years after such date.
    34    § 6. This act shall take effect immediately, provided  that:  sections
    35  one,  two,  three  and  four  of  this  act shall apply to taxable years
    36  commencing on or after January 1, 2014, and such sections  shall  expire
    37  and  be deemed repealed on the effective date of section 17 of part A of
    38  chapter 59 of the laws of 2014, as amended.