Bill Text: NY A06067 | 2013-2014 | General Assembly | Introduced
Bill Title: Relates to eligibility for the empire state film post production credit; provides for eligibility for the credit if expenditures meet or exceed seventy-five percent of qualified expenditures, including picture and sound post production costs, music and visual effects; defines "picture and sound post production", "music", and "visual effects".
Spectrum: Partisan Bill (Democrat 14-0)
Status: (Introduced - Dead) 2014-01-08 - referred to ways and means [A06067 Detail]
Download: New_York-2013-A06067-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 6067 2013-2014 Regular Sessions I N A S S E M B L Y March 14, 2013 ___________ Introduced by M. of A. ENGLEBRIGHT, MAISEL, BENEDETTO, GALEF, DenDEKKER, MILLMAN, TITONE, MOYA, GABRYSZAK, BOYLAND, ROSENTHAL, HOOPER -- Multi-Sponsored by -- M. of A. ABBATE, COOK, CRESPO, CYMBROWITZ, THIELE -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to 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. Section 31 of the tax law, as added by section 12 of part Q 2 of chapter 57 of the laws of 2010, paragraph 2 of subdivision (a) and 3 subdivision (c) as amended by chapter 268 of the laws of 2012, is 4 amended to read as follows: 5 S 31. Empire state film post production credit. (a) Allowance of cred- 6 it. (1) A taxpayer which is a qualified film production company, and 7 which is subject to tax under article nine-A or twenty-two of this chap- 8 ter, unless eligible for the credit under section twenty-four of this 9 article with respect to the qualified film, shall be allowed a credit 10 against such tax, pursuant to the provisions referenced in subdivision 11 (c) of this section to be computed as provided in this subdivision. 12 (2) The amount of the credit shall be the product (or pro rata share 13 of the product, in the case of a member of a partnership) of thirty 14 percent and the qualified post production costs paid in the production 15 of a qualified film at a qualified post production facility located 16 within the metropolitan commuter transportation district as defined in 17 section twelve hundred sixty-two of the public authorities law or thir- 18 ty-five percent and the qualified post production costs paid in the 19 production of a qualified film at a qualified post production facility 20 located elsewhere in the state. 21 (3) A taxpayer shall not be eligible for the credit established by 22 this section unless the qualified post production costs at a qualified 23 post production facility meet or exceed seventy-five percent of the EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09690-01-3 A. 6067 2 1 [total post production costs] QUALIFIED EXPENDITURES WITH RESPECT TO ANY 2 ONE OR MORE OF THE FOLLOWING SUBSETS: 3 (I) PICTURE AND SOUND POST PRODUCTION COSTS, AS HEREINAFTER DEFINED; 4 (II) MUSIC, AS HEREINAFTER DEFINED; AND (III) VISUAL EFFECTS, AS HEREIN- 5 AFTER DEFINED; AS EACH MAY BE paid or incurred in the post production of 6 the qualified film at any post production facility. The credit shall [be 7 allowed] ONLY BE ALLOWED AS TO THE SUBSET OR SUBSETS FOR WHICH THE 8 SEVENTY-FIVE PERCENT THRESHOLD HAS BEEN MET for the taxable year in 9 which the production of such qualified film is completed. 10 (4) No qualified post production costs used by a taxpayer either as 11 the basis for the allowance of the credit provided for under this 12 section or used in the calculation of the credit provided for under this 13 section shall be used by such taxpayer to claim any other credit allowed 14 pursuant to this chapter. 15 (b) Definitions. As used in this section the following terms shall 16 have the following meanings: 17 (1) "Qualified film production company" and "qualified film" shall 18 have the same meaning as are ascribed to such terms by section twenty- 19 four of this article. 20 (2) "Post production costs" means ANY EXPENDITURE IN PICTURE AND SOUND 21 POST PRODUCTION, MUSIC, OR VISUAL EFFECTS, AS HEREIN DEFINED, IN 22 CONNECTION WITH THE production of original content for a qualified film 23 employing traditional, emerging and new workflow techniques used in 24 post-production [for picture, sound and music editorial, rerecording and 25 mixing, visual effects, graphic design, original scoring, animation, and 26 musical composition; but]. FOR PURPOSES OF THIS PARAGRAPH, "PICTURE AND 27 SOUND POST PRODUCTION" SHALL INCLUDE COSTS INCURRED IN PICTURE AND SOUND 28 EDITORIAL, ASSEMBLY, RECORDING, RERECORDING, MIXING, TRANSFERS, RELATED 29 EQUIPMENT AND FACILITY FEES, SCREENING, COLOR GRADING, COLOR CORRECTION, 30 SCANNING, FILM CLEANING, CONFORMING, AND LABORATORY SERVICES; "MUSIC" 31 SHALL INCLUDE COSTS INCURRED IN ORIGINAL SCORING, MUSIC EDITORIAL, AND 32 RELATED EQUIPMENT AND FACILITY FEES; "VISUAL EFFECTS" SHALL INCLUDE 33 COSTS INCURRED IN GRAPHIC DESIGN, COMPOSITING, TRACKING, REMOVALS, 34 ANIMATION, DATA ARCHIVING, RENTALS; HOWEVER, THE FOREGOING shall not 35 include the editing of previously produced content for a qualified film. 36 (3) "Post production facility" means a building and/or complex of 37 buildings and their improvements on which film are intended to be post 38 produced. 39 (4) "Qualified post production facility" means a post production 40 facility located in the state, engaged in finishing a qualified film. 41 (c) Notwithstanding any other provision of law to the contrary, the 42 aggregate amount of tax credits available under this section shall not 43 exceed the amounts allowed pursuant to paragraph four of subdivision (e) 44 of section twenty-four of this article and shall be allocated in the 45 same manner as provided for in paragraph one of subdivision (e) of 46 section twenty-four of this article. 47 (d) Cross-references. For application of the credit provided for in 48 this section, see the following provisions of this chapter: 49 (1) article 9-A: section 210: subdivision 41. 50 (2) article 22: section 606: subsection (qq). 51 S 2. This act shall take effect immediately.