Bill Text: NY S06870 | 2015-2016 | General Assembly | Introduced

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Bill Title: Relates to the empire state film production credit.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-03-02 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S06870 Detail]

Download: New_York-2015-S06870-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          6870
                    IN SENATE
                                      March 2, 2016
                                       ___________
        Introduced  by  Sen.  DeFRANCISCO -- read twice and ordered printed, and
          when printed to be committed to the Committee  on  Investigations  and
          Government Operations
        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. Paragraph (b) of subdivision 20 of section 210-b of the tax
     2  law, as added by section 17 of part A of chapter 59 of the laws of 2014,
     3  is amended to read as follows:
     4    (b)  Application  of credit. The credit allowed under this subdivision
     5  for any taxable year shall not reduce the tax due for such year to  less
     6  than  the  fixed  dollar  minimum  amount prescribed in paragraph (d) of
     7  subdivision one of section two hundred ten of  this  article.  Provided,
     8  however,  that if the amount of the credit allowable under this subdivi-
     9  sion for any taxable year reduces the tax  to  such  amount  or  if  the
    10  taxpayer  otherwise  pays  tax based on the fixed dollar minimum amount,
    11  fifty percent of the excess shall be treated as an overpayment of tax to
    12  be credited or refunded in accordance with the provisions of section one
    13  thousand eighty-six of this chapter. Any  credit  not  refunded  may  be
    14  carried  over for ten years, but may not be treated as an overpayment of
    15  tax in any subsequent tax year. Provided,  however,  the  provisions  of
    16  subsection  (c)  of  section  one  thousand eighty-eight of this chapter
    17  notwithstanding, no interest shall be paid thereon.
    18    § 2. Paragraph 2 of subsection (gg) of section 606 of the tax law,  as
    19  amended  by section 3 of part WW-1 of chapter 57 of the laws of 2008, is
    20  amended to read as follows:
    21    (2) Application of credit. If the amount of the credit allowable under
    22  this subsection for any taxable year exceeds the taxpayer's tax for such
    23  year, fifty percent of the excess shall be treated as an overpayment  of
    24  tax to be credited or refunded as provided in section six hundred eight-
    25  y-six of this article, provided, however, that no interest shall be paid
    26  thereon.  Any credit not refunded may be carried over for ten years, but
    27  may not be treated as an overpayment of tax in any subsequent tax year.
    28    § 3. This act shall take effect immediately and shall apply to taxable
    29  years beginning on or after January 1, 2017.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14460-01-6