Bill Text: NY A00229 | 2009-2010 | General Assembly | Introduced

New York Assembly Bill 229 (Prior Session Legislation)

Introduced

Bill Title: An act to amend the tax law and chapter 60 of the laws of 2004 amending the tax law relating to providing tax credits for certain costs incurred in film and television productions, in relation to the amount of such credits against taxes administered by cities of one million or more

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-01-06 - referred to ways and means [A00229 Detail]

Download: New_York-2009-A00229-Introduced.html


                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          229
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 7, 2009
                                      ___________
       Introduced by M. of A. GIANARIS -- read once and referred to the Commit-
         tee on Ways and Means
       AN  ACT to amend the tax law and chapter 60 of the laws of 2004 amending
         the tax law relating  to  providing  tax  credits  for  certain  costs
         incurred in film and television productions, in relation to the amount
         of such credits against taxes administered by cities of one million or
         more
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision (b) of  section  1201-a  of  the  tax  law,  as
    2  amended  by  section  5  of part Y of chapter 62 of the laws of 2006, is
    3  amended to read as follows:
    4    (b) Empire state film production credit. Any city in this state having
    5  a population of one million or more, acting through its  local  legisla-
    6  tive body, is hereby authorized to adopt and amend local laws to allow a
    7  credit  against the general corporation tax and the unincorporated busi-
    8  ness tax imposed pursuant to the  authority  of  chapter  seven  hundred
    9  seventy-two  of  the  laws  of nineteen hundred sixty-six which shall be
   10  substantially identical to the credit allowed under section  twenty-four
   11  of  this chapter, except that (A) the percentage of qualified production
   12  costs used to calculate such credit shall be [five] FIFTEEN percent, (B)
   13  whenever such section twenty-four references the state, such words shall
   14  be read as referencing the city, (C) such credit shall be  allowed  only
   15  to  a taxpayer which is a qualified film production company, and (D) the
   16  effective date of such credit shall be July first,  two  thousand  [six]
   17  EIGHT.    Such  credit  shall be applied in a manner consistent with the
   18  credit allowed under subdivision thirty-six of section two  hundred  ten
   19  of  this chapter except as may be necessary to take into account differ-
   20  ences between the general corporation tax and the  unincorporated  busi-
   21  ness tax.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD00182-01-9

       A. 229                              2
    1    S 2.  Subdivision (b) of section 7 of part P of chapter 60 of the laws
    2  of  2004  amending  the  tax  law  relating to providing tax credits for
    3  certain costs incurred in film and television productions, as amended by
    4  section 2 of part Y of chapter 62 of the laws of  2006,  is  amended  to
    5  read as follows:
    6    (b)  The  aggregate  amount  of  tax  credits  allowed pursuant to the
    7  authority of subdivision (b) of section 1201-a of the  tax  law  in  any
    8  calendar year shall be $12.5 million in 2004 and 2005 [and], $30 million
    9  in 2006 [through 2011] AND 2007, $32.5 MILLION IN 2008, $37.5 MILLION IN
   10  2009,  $42.5  MILLION  IN  2010,  $45  MILLION IN 2011 AND 2012, AND $55
   11  MILLION IN 2013.  Such aggregate amount of credits shall be allocated by
   12  the mayor's office of film, theater and broadcasting among taxpayers  in
   13  order of priority based upon the date of filing an application for allo-
   14  cation  of  film production credit with such office. If the total amount
   15  of allocated credits applied for in  any  particular  year  exceeds  the
   16  aggregate  amount  of  tax  credits  allowed  for  such  year under this
   17  section, such excess shall be treated as having been applied for on  the
   18  first day of the subsequent year.
   19    S  3.  This  act  shall take effect immediately and applies to taxable
   20  years beginning on or after July 1, 2008 and shall apply to applications
   21  filed on or after the date it becomes a law; provided, however, that the
   22  amendments to subdivision (b) of section 1201-a of the tax law, made  by
   23  section  one  of this act, and subdivision (b) of section 7 of part P of
   24  chapter 60 of the laws of 2004, made by section two of this  act,  shall
   25  not  affect the repeal of such subdivisions and shall be deemed repealed
   26  therewith.