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S06987 Summary:

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S06987 Committee Votes:

S06987 Floor Votes:

S06987 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6987
 
                    IN SENATE
 
                                     March 14, 2016
                                       ___________
 
        Introduced by Sens. AMEDORE, LARKIN, MARCHIONE -- read twice and ordered
          printed, and when printed to be committed to the Committee on Investi-
          gations and Government Operations
 
        AN  ACT  to  amend  the tax law, in relation to increasing the number of
          counties in which services can be performed to qualify for the  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 1 of part JJ of chapter 59 of the laws of
     3  2014, is amended to read as follows:
     4    (5) For the period two thousand fifteen through two thousand nineteen,
     5  in addition to the amount of credit established in paragraph two of this
     6  subdivision, a taxpayer shall be allowed a credit equal to  the  product
     7  (or pro rata share of the product, in the case of a member of a partner-
     8  ship)  of  ten percent and the amount of wages or salaries paid to indi-
     9  viduals directly employed (excluding those employed as  writers,  direc-
    10  tors,  music  directors,  producers and performers, including background
    11  actors with no scripted lines) by a qualified film production company or
    12  a qualified independent film production company for  services  performed
    13  by  those individuals in one of the counties specified in this paragraph
    14  in connection with a qualified  film  with  a  minimum  budget  of  five
    15  hundred  thousand  dollars.  For purposes of this additional credit, the
    16  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,
    23  Suffolk, Sullivan, Tioga, Tompkins, Ulster, Warren,  Washington,  Wayne,
    24  Wyoming,  or Yates. The aggregate amount of tax credits allowed pursuant
    25  to the authority of this paragraph shall be five  million  dollars  each
    26  year  during  the period two thousand fifteen through two thousand nine-
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14462-01-6
        S. 6987                             2
 
     1  teen of the annual allocation made available to the program pursuant  to
     2  paragraph four of subdivision (e) of this section. Such aggregate amount
     3  of  credits  shall  be  allocated  by  the  governor's office for motion
     4  picture  and television development among taxpayers in order of priority
     5  based upon the date of filing an  application  for  allocation  of  film
     6  production  credit  with such office.   If the total amount of allocated
     7  credits applied for under this paragraph in any year exceeds the  aggre-
     8  gate  amount  of tax credits allowed for such year under this paragraph,
     9  such excess shall be treated as having been applied for on the first day
    10  of the next year. If the total amount of allocated tax  credits  applied
    11  for under this paragraph at the conclusion of any year is less than five
    12  million  dollars,  the  remainder shall be treated as part of the annual
    13  allocation made available to the program pursuant to paragraph  four  of
    14  subdivision  (e)  of this section. However, in no event may the total of
    15  the credits allocated under this paragraph  and  the  credits  allocated
    16  under  paragraph  five  of subdivision (a) of section thirty-one of this
    17  article exceed five million dollars in any year during  the  period  two
    18  thousand fifteen through two thousand nineteen.
    19    § 2. This act shall take effect immediately.