S01277 Summary:

BILL NOS01277
 
SAME ASNo Same As
 
SPONSORGOUNARDES
 
COSPNSR
 
MLTSPNSR
 
Amd 28, 210-B & 606, Tax L
 
Extends the empire state commercial production tax credit until January 1, 2020.
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S01277 Actions:

BILL NOS01277
 
01/11/2019REFERRED TO RULES
01/14/2019ORDERED TO THIRD READING CAL.20
01/15/2019PASSED SENATE
01/15/2019DELIVERED TO ASSEMBLY
01/15/2019referred to ways and means
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S01277 Committee Votes:

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S01277 Floor Votes:

There are no votes for this bill in this legislative session.
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S01277 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          1277
 
                               2019-2020 Regular Sessions
 
                    IN SENATE
 
                                    January 11, 2019
                                       ___________
 
        Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules
 
        AN  ACT  to amend the tax law, in relation to extending the empire state
          commercial production tax credit
 
          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 (a) of section 28 of the tax
     2  law, as amended by a chapter of the laws of 2018, amending the  tax  law
     3  relating to extending the empire state commercial production tax credit,
     4  as  proposed  in  legislative  bills  numbers  A.  10768 and S. 8465, is
     5  amended to read as follows:
     6    (1) A taxpayer which is a qualified commercial production company,  or
     7  which is a sole proprietor of a qualified commercial production company,
     8  and  which  is subject to tax under article nine-A or twenty-two of this
     9  chapter, shall be allowed a credit against such  tax,  pursuant  to  the
    10  provisions referenced in subdivision (c) of this section, to be computed
    11  as  provided in this section. Provided, however, to be eligible for such
    12  credit, at least seventy-five percent of the production costs (excluding
    13  post production costs) paid or incurred directly  and  predominantly  in
    14  the  actual  filming  or  recording  of the qualified commercial must be
    15  costs incurred in New York state. The tax  credit  allowed  pursuant  to
    16  this  section  shall  apply  to  taxable  years beginning before January
    17  first, two thousand [twenty-four] twenty.
    18    § 2. Paragraph (c) of subdivision 23 of section 210-B of the tax  law,
    19  as amended by a chapter of the laws of 2018, amending the tax law relat-
    20  ing  to  extending the empire state commercial production tax credit, as
    21  proposed in legislative bills numbers A. 10768 and S. 8465,  is  amended
    22  to read as follows:
    23    (c)  Expiration  of  credit. The credit allowed under this subdivision
    24  shall not be applicable to taxable years beginning on or  after  January
    25  first, two thousand [twenty-four] twenty.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07035-01-9

        S. 1277                             2
 
     1    §  3. Paragraph 1 of subsection (jj) of section 606 of the tax law, as
     2  amended by a chapter of the laws of 2018, amending the tax law  relating
     3  to  extending  the  empire  state  commercial  production tax credit, as
     4  proposed in legislative bills numbers A. 10768 and S. 8465,  is  amended
     5  to read as follows:
     6    (1)  Allowance  of credit. A taxpayer that is eligible pursuant to the
     7  provisions of section twenty-eight of this chapter shall  be  allowed  a
     8  credit  to  be  computed  as  provided  in  such section against the tax
     9  imposed by this article. The tax credit allowed pursuant to this section
    10  shall apply to taxable years beginning before January first,  two  thou-
    11  sand [twenty-four] twenty.
    12    §  4.  This  act  shall  take  effect on the same date and in the same
    13  manner as a chapter of the laws of 2018, amending the tax  law  relating
    14  to  extending  the  empire  state  commercial  production tax credit, as
    15  proposed in legislative bills  numbers  A.  10768  and  S.  8465,  takes
    16  effect.
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