Bill Text: NY S07903 | 2017-2018 | General Assembly | Introduced

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Bill Title: Relates to the musical and theatrical production credit; extends provisions; expands available credits; permits applicants to self-certify through an auditor.

Spectrum: Slight Partisan Bill (Democrat 2-1)

Status: (Introduced - Dead) 2018-03-08 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S07903 Detail]

Download: New_York-2017-S07903-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          7903
                    IN SENATE
                                      March 8, 2018
                                       ___________
        Introduced  by  Sen.  FUNKE  -- 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 the musical  and  theatrical
          production  credit;  and to amend part HH of chapter 59 of the laws of
          2014 amending the  tax  law  relating  to  a  musical  and  theatrical
          production  credit, in relation to extending the effectiveness of such
          provisions
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision (e) of section 24-a of the tax law, as added by
     2  section  1  of  part HH of chapter 59 of the laws of 2014, is amended to
     3  read as follows:
     4    (e) Maximum amount of credits. (1) The aggregate amount of tax credits
     5  allowed under this  section,  subdivision  forty-seven  of  section  two
     6  hundred  ten-B  and  subsection  (u)  of section six hundred six of this
     7  chapter in any calendar year shall be [four] six million  dollars.  Such
     8  aggregate  amount  of  credits  shall  be allocated by the department of
     9  economic development among taxpayers in order of priority based upon the
    10  date of filing an application for allocation of musical  and  theatrical
    11  production credit with such department. If the total amount of allocated
    12  credits  applied for in any particular year exceeds the aggregate amount
    13  of tax credits allowed for such year under  this  section,  such  excess
    14  shall  be  treated  as  having  been applied for on the first day of the
    15  subsequent year.
    16    (2) The commissioner of economic development,  after  consulting  with
    17  the  commissioner, shall promulgate regulations by October thirty-first,
    18  two thousand fourteen to establish procedures for the allocation of  tax
    19  credits  as  required by subdivision (a) of this section. Such rules and
    20  regulations shall include provisions describing the application process,
    21  the due dates for such applications, the standards which shall  be  used
    22  to evaluate the applications, the documentation that will be provided to
    23  taxpayers  to  substantiate  to the department the amount of tax credits
    24  allocated to such taxpayers, and such other provisions as deemed  neces-
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14726-01-8
        S. 7903                             2
     1  sary  and appropriate. Such rules and regulations shall permit an appli-
     2  cant for credits under this section  to  provide  the  required  certif-
     3  ications  by providing information and other documentation provided by a
     4  licensed  auditor  on behalf of the applicant. Notwithstanding any other
     5  provisions to the contrary in the state  administrative  procedure  act,
     6  such  rules  and  regulations  may  be  adopted on an emergency basis if
     7  necessary to meet such October thirty-first, two thousand fourteen dead-
     8  line.
     9    § 2.  Section 5 of part HH of chapter 59 of the laws of 2014  amending
    10  the  tax  law relating to a musical and theatrical production credit, is
    11  amended to read as follows:
    12    § 5. This act shall take effect immediately, provided that section two
    13  of this act shall take effect on January 1, 2015,  and  shall  apply  to
    14  taxable  years  beginning  on  or after January 1, 2015, with respect to
    15  "qualified production expenditures"  and  "transportation  expenditures"
    16  paid  or incurred on or after such effective date, regardless of whether
    17  the  production  of  the  qualified  musical  or  theatrical  production
    18  commenced  before such date, provided further that this act shall expire
    19  and be deemed repealed [4 years after such date] March 31, 2023.
    20    § 3. This act shall take effect immediately, provided,  however,  that
    21  the  amendments  to  section  24-a of the tax law made by section one of
    22  this act shall not affect the repeal of such section  and  shall  expire
    23  and be deemed to repeal therewith.