Bill Text: NY A07757 | 2023-2024 | General Assembly | Introduced
Bill Title: Relates to the claiming of credits under the empire state film production credit; provides for the application of certain provisions of the tax law related to the empire state film production credit and the empire state film post-production credit.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced) 2023-06-10 - substituted by s7562 [A07757 Detail]
Download: New_York-2023-A07757-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7757 2023-2024 Regular Sessions IN ASSEMBLY June 6, 2023 ___________ Introduced by M. of A. WEINSTEIN -- (at request of the Governor) -- read once and referred to the Committee on Ways and Means AN ACT to amend part D of chapter 59 of the laws of 2023 amending the tax law relating to the empire state film production credit and the empire state film post-production credit, in relation to the applica- tion of such provisions; and to amend the tax law, in relation to the claiming of credits under the empire state film product credit The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 10 of part D of chapter 59 of the laws of 2023 2 amending the tax law relating to the empire state film production credit 3 and the empire state film post-production credit, is amended to read as 4 follows: 5 § 10. This act shall take effect immediately [and]; provided, however, 6 that sections one, two, two-a, three, four, five, five-a, eight, nine 7 and nine-a of this act shall apply to initial applications received on 8 or after April 1, 2023; further provided, however, that the amendments 9 to paragraph 4 of subdivision (e) of section 24 of the tax law made by 10 section six of this act shall take effect on the same date and in the 11 same manner as section 6 of chapter 683 of the laws of 2019, as amended, 12 takes effect. 13 § 2. Paragraph 4 of subdivision (e) of section 24 of the tax law, as 14 amended by section 6 of part D of chapter 59 of the laws of 2023, is 15 amended to read as follows: 16 (4) Additional pool 2 - The aggregate amount of tax credits allowed in 17 subdivision (a) of this section shall be increased by an additional four 18 hundred twenty million dollars in each year starting in two thousand ten 19 through two thousand twenty-three and seven hundred million dollars each 20 year starting in two thousand twenty-four through two thousand thirty- 21 four, provided however, seven million dollars of the annual allocation 22 shall be available for the empire state film post production credit EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD12016-02-3A. 7757 2 1 pursuant to section thirty-one of this article in two thousand thirteen 2 and two thousand fourteen, twenty-five million dollars of the annual 3 allocation shall be available for the empire state film post production 4 credit pursuant to section thirty-one of this article in each year 5 starting in two thousand fifteen through two thousand twenty-three, and 6 forty-five million dollars of the annual allocation shall be available 7 for the empire state film post production credit pursuant to section 8 thirty-one of this article in each year starting in two thousand twen- 9 ty-four through two thousand thirty-four. Provided further, five million 10 dollars of the annual allocation shall be made available for the tele- 11 vision writers' and directors' fees and salaries credit pursuant to 12 section twenty-four-b of this article in each year starting in two thou- 13 sand twenty through two thousand thirty-four. This amount shall be allo- 14 cated by the department of economic development among taxpayers in 15 accordance with subdivision (a) of this section. If the commissioner of 16 economic development determines that the aggregate amount of tax credits 17 available from additional pool 2 for the empire state film production 18 tax credit have been previously allocated, and determines that the pend- 19 ing applications from eligible applicants for the empire state film post 20 production tax credit pursuant to section thirty-one of this article is 21 insufficient to utilize the balance of unallocated empire state film 22 post production tax credits from such pool, the remainder, after such 23 pending applications are considered, shall be made available for allo- 24 cation in the empire state film tax credit pursuant to this section, 25 subdivision twenty of section two hundred ten-B and subsection (gg) of 26 section six hundred six of this chapter. Also, if the commissioner of 27 economic development determines that the aggregate amount of tax credits 28 available from additional pool 2 for the empire state film post 29 production tax credit have been previously allocated, and determines 30 that the pending applications from eligible applicants for the empire 31 state film production tax credit pursuant to this section is insuffi- 32 cient to utilize the balance of unallocated film production tax credits 33 from such pool, then all or part of the remainder, after such pending 34 applications are considered, shall be made available for allocation for 35 the empire state film post production credit pursuant to this section, 36 subdivision thirty-two of section two hundred ten-B and subsection (qq) 37 of section six hundred six of this chapter. The department of economic 38 development must notify taxpayers of their allocation year and include 39 the allocation year on the certificate of tax credit. Taxpayers eligible 40 to claim a credit must report the allocation year directly on their 41 empire state film production credit tax form for each year a credit is 42 claimed and include a copy of the certificate with their tax return. In 43 the case of a qualified film that receives funds from additional pool 2 44 where the taxpayer filed an initial application before April first, two 45 thousand twenty-three, no empire state film production credit shall be 46 claimed before the later of (1) the taxable year the production of the 47 qualified film is complete, or (2) the taxable year immediately follow- 48 ing the allocation year for which the film has been allocated credit by 49 the department of economic development. In the case of a qualified film 50 that receives funds from additional pool 2 where the taxpayer filed an 51 initial application on or after April first, two thousand twenty-three, 52 no empire state film production credit shall be claimed before the later 53 of (1) the taxable year the production of the qualified film is 54 complete, or (2) the taxable year that includes the last day of the 55 allocation year for which the film has been allocated credit by the 56 department of economic development.A. 7757 3 1 § 3. Paragraph 4 of subdivision (e) of section 24 of the tax law, as 2 amended by section 7 of part D of chapter 59 of the laws of 2023, is 3 amended to read as follows: 4 (4) Additional pool 2 - The aggregate amount of tax credits allowed in 5 subdivision (a) of this section shall be increased by an additional four 6 hundred twenty million dollars in each year starting in two thousand ten 7 through two thousand twenty-three and seven hundred million dollars in 8 each year starting in two thousand twenty-four through two thousand 9 thirty-four, provided however, seven million dollars of the annual allo- 10 cation shall be available for the empire state film post production 11 credit pursuant to section thirty-one of this article in two thousand 12 thirteen and two thousand fourteen, twenty-five million dollars of the 13 annual allocation shall be available for the empire state film post 14 production credit pursuant to section thirty-one of this article in each 15 year starting in two thousand fifteen through two thousand twenty-three, 16 and forty-five million dollars of the annual allocation shall be avail- 17 able for the empire state film post production credit pursuant to 18 section thirty-one of this article in each year starting in two thousand 19 twenty-four through two thousand thirty-four. This amount shall be allo- 20 cated by the department of economic development among taxpayers in 21 accordance with subdivision (a) of this section. If the commissioner of 22 economic development determines that the aggregate amount of tax credits 23 available from additional pool 2 for the empire state film production 24 tax credit have been previously allocated, and determines that the pend- 25 ing applications from eligible applicants for the empire state film post 26 production tax credit pursuant to section thirty-one of this article is 27 insufficient to utilize the balance of unallocated empire state film 28 post production tax credits from such pool, the remainder, after such 29 pending applications are considered, shall be made available for allo- 30 cation in the empire state film tax credit pursuant to this section, 31 subdivision twenty of section two hundred ten-B and subsection (gg) of 32 section six hundred six of this chapter. Also, if the commissioner of 33 economic development determines that the aggregate amount of tax credits 34 available from additional pool 2 for the empire state film post 35 production tax credit have been previously allocated, and determines 36 that the pending applications from eligible applicants for the empire 37 state film production tax credit pursuant to this section is insuffi- 38 cient to utilize the balance of unallocated film production tax credits 39 from such pool, then all or part of the remainder, after such pending 40 applications are considered, shall be made available for allocation for 41 the empire state film post production credit pursuant to this section, 42 subdivision thirty-two of section two hundred ten-B and subsection (qq) 43 of section six hundred six of this chapter. The department of economic 44 development must notify taxpayers of their allocation year and include 45 the allocation year on the certificate of tax credit. Taxpayers eligible 46 to claim a credit must report the allocation year directly on their 47 empire state film production credit tax form for each year a credit is 48 claimed and include a copy of the certificate with their tax return. In 49 the case of a qualified film that receives funds from additional pool 2 50 where the taxpayer filed an initial application before April first, two 51 thousand twenty-three, no empire state film production credit shall be 52 claimed before the later of (1) the taxable year the production of the 53 qualified film is complete, or (2) the taxable year immediately follow- 54 ing the allocation year for which the film has been allocated credit by 55 the department of economic development. In the case of a qualified film 56 that receives funds from additional pool 2 where the taxpayer filed anA. 7757 4 1 initial application on or after April first, two thousand twenty-three, 2 no empire state film production credit shall be claimed before the later 3 of (1) the taxable year the production of the qualified film is 4 complete, or (2) the taxable year that includes the last day of the 5 allocation year for which the film has been allocated credit by the 6 department of economic development. 7 § 4. This act shall take effect immediately and shall be deemed to 8 have been in full force and effect on and after the effective date of 9 part D of chapter 59 of the laws of 2023; provided, however, that the 10 amendments made to paragraph 4 of subdivision (e) of section 24 of the 11 tax law made by section two of this act shall take effect on the same 12 date and in the same manner as section 6 of chapter 683 of the laws of 13 2019, as amended, takes effect.
