Bill Text: NY S04669 | 2019-2020 | General Assembly | Introduced
Bill Title: Phases out the empire state film production credit.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2019-03-20 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S04669 Detail]
Download: New_York-2019-S04669-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 4669 2019-2020 Regular Sessions IN SENATE March 20, 2019 ___________ Introduced by Sen. ANTONACCI -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to phasing out 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 4 of subdivision (e) of section 24 of the tax 2 law, as amended by section 2 of part M of chapter 59 of the laws of 3 2017, 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 [twenty-two] twenty, two hundred eighty million 8 dollars in two thousand twenty-one and one hundred forty million dollars 9 in two thousand twenty-two provided however, seven million dollars of 10 the annual allocation shall be available for the empire state film post 11 production credit pursuant to section thirty-one of this article in two 12 thousand thirteen and two thousand fourteen and twenty-five million 13 dollars of the annual allocation shall be available for the empire state 14 film post production credit pursuant to section thirty-one of this arti- 15 cle in each year starting in two thousand fifteen through two thousand 16 twenty-two. This amount shall be allocated by the governor's office for 17 motion picture and television development among taxpayers in accordance 18 with subdivision (a) of this section. If the commissioner of economic 19 development determines that the aggregate amount of tax credits avail- 20 able from additional pool 2 for the empire state film production tax 21 credit have been previously allocated, and determines that the pending 22 applications from eligible applicants for the empire state film post 23 production tax credit pursuant to section thirty-one of this article is 24 insufficient to utilize the balance of unallocated empire state film EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD10519-01-9S. 4669 2 1 post production tax credits from such pool, the remainder, after such 2 pending applications are considered, shall be made available for allo- 3 cation in the empire state film tax credit pursuant to this section, 4 subdivision twenty of section two hundred ten-B and subsection (gg) of 5 section six hundred six of this chapter. Also, if the commissioner of 6 economic development determines that the aggregate amount of tax credits 7 available from additional pool 2 for the empire state film post 8 production tax credit have been previously allocated, and determines 9 that the pending applications from eligible applicants for the empire 10 state film production tax credit pursuant to this section is insuffi- 11 cient to utilize the balance of unallocated film production tax credits 12 from such pool, then all or part of the remainder, after such pending 13 applications are considered, shall be made available for allocation for 14 the empire state film post production credit pursuant to this section, 15 subdivision thirty-two of section two hundred ten-B and subsection (qq) 16 of section six hundred six of this chapter. The governor's office for 17 motion picture and television development must notify taxpayers of their 18 allocation year and include the allocation year on the certificate of 19 tax credit. Taxpayers eligible to claim a credit must report the allo- 20 cation year directly on their empire state film production credit tax 21 form for each year a credit is claimed and include a copy of the certif- 22 icate with their tax return. In the case of a qualified film that 23 receives funds from additional pool 2, no empire state film production 24 credit shall be claimed before the later of the taxable year the 25 production of the qualified film is complete, or the taxable year imme- 26 diately following the allocation year for which the film has been allo- 27 cated credit by the governor's office for motion picture and television 28 development. 29 § 2. This act shall take effect immediately.