Bill Text: NY S04549 | 2015-2016 | General Assembly | Amended
Bill Title: Relates to the creation of the empire state music production tax credit.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2016-01-20 - PRINT NUMBER 4549A [S04549 Detail]
Download: New_York-2015-S04549-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 4549--A 2015-2016 Regular Sessions IN SENATE March 27, 2015 ___________ Introduced by Sen. PARKER -- 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 creation of the empire state music production credit The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The tax law is amended by adding a new section 42 to read 2 as follows: 3 § 42. Empire state music production credit. (a)(1) Allowance of cred- 4 it. A taxpayer which is a qualified music production company, or a qual- 5 ified independent music production company, or which is a sole proprie- 6 tor of or a member of a partnership which is a qualified music 7 production company or a qualified independent music production company, 8 and which is subject to tax under article nine-A or twenty-two of this 9 chapter, shall be allowed a credit against such tax. 10 (2) The amount of the credit shall be the product (or pro rata share 11 of the product, in the case of a member of a partnership) of twenty-five 12 percent and the qualified production costs paid in the production of 13 music by the taxpayer. Qualifying music productions shall be commer- 14 cially licensed sound recording projects having as their principal place 15 of production and recording this state and requiring expenditures in 16 excess of twenty-five thousand dollars. If the annual cost of such 17 productions to a taxpayer exceeds one hundred thousand dollars, but no 18 single such production exceeds one hundred thousand dollars, such 19 taxpayer may apply for the credit allowed by this section on an aggre- 20 gate basis provided such taxpayer employes ten or more residents of this 21 state. Qualified production costs shall mean costs for tangible property EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD01211-05-6
