Bill Text: NY S01297 | 2015-2016 | General Assembly | Amended
Bill Title: Provides for an annual increase in the aggregate annual amount of empire state film production credits taken, based upon inflation.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2016-01-12 - PRINT NUMBER 1297A [S01297 Detail]
Download: New_York-2015-S01297-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 1297--A 2015-2016 Regular Sessions IN SENATE January 9, 2015 ___________ Introduced by Sen. PERALTA -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations -- recommitted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to the aggregate annual amount of the empire state film production credit against state taxes The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph 4 of subdivision (e) of section 24 of the tax 2 law, as amended by section 3 of part B of chapter 59 of the laws of 3 2013, is 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 [nineteen] sixteen, except that in tax years after 8 two thousand sixteen, such amount shall be adjusted annually on the 9 first of January for inflation according to the consumer price index for 10 all consumers, all items, Northeast region, not seasonally adjusted, of 11 the previous year, but in no event shall such amount be less than four 12 hundred twenty million dollars; provided however, seven million dollars 13 of the annual allocation shall be available for the empire state film 14 post production credit pursuant to section thirty-one of this article in 15 two thousand thirteen and two thousand fourteen and twenty-five million 16 dollars of the annual allocation shall be available for the empire state 17 film post production credit pursuant to section thirty-one of this arti- 18 cle in each year starting in two thousand fifteen through two thousand 19 nineteen. This amount shall be allocated by the governor's office for 20 motion picture and television development among taxpayers in accordance 21 with subdivision (a) of this section. If the commissioner of economic EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD00350-02-6
