Bill Text: NY S05577 | 2011-2012 | General Assembly | Amended
Bill Title: Relates to tax credit disbursements and the effectiveness of such provisions.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Engrossed - Dead) 2012-01-04 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S05577 Detail]
Download: New_York-2011-S05577-Amended.html
S T A T E O F N E W Y O R K
________________________________________________________________________
5577--A
2011-2012 Regular Sessions
I N S E N A T E
June 3, 2011
___________
Introduced by Sen. GOLDEN -- read twice and ordered printed, and when
printed to be committed to the Committee on Rules -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee
AN ACT to amend the tax law and chapter 62 of the laws of 2006 amending
the tax law relating to the empire state commercial production tax
credit, in relation to tax credit disbursements and 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. Paragraph 2 of subdivision (a) of section 28 of the tax
2 law, as amended by chapter 300 of the laws of 2007, is amended by adding
3 a new subparagraph (iv) to read as follows:
4 (IV) PROVIDED, HOWEVER, ON AND AFTER JANUARY FIRST, TWO THOUSAND
5 TWELVE, IF THERE ARE ANY FUNDS REMAINING FOR THE ANNUAL TAX CREDIT
6 DISBURSEMENT AS DESCRIBED IN SUBPARAGRAPH (I), (II) OR (III) OF THIS
7 PARAGRAPH ON AND AFTER JANUARY SECOND, SUCH FUNDS SHALL BE AVAILABLE TO
8 ALL ELIGIBLE PRODUCTION COMPANIES SATISFYING THE CRITERIA SET FORTH IN
9 THIS SECTION, REGARDLESS OF GEOGRAPHIC LOCATION, UPON APPROVAL OF THE
10 APPLICATION REQUIRED UNDER THIS SECTION.
11 S 2. Section 10 of part V of chapter 62 of the laws of 2006, amending
12 the tax law relating to the empire state commercial production tax cred-
13 it, is amended to read as follows:
14 S 10. This act shall take effect immediately and shall apply to taxa-
15 ble years beginning on and after January 1, 2007 and shall expire and be
16 deemed repealed on December 31, [2011] 2016; provided, however that the
17 IMB credit for energy taxes under subsection (t-1) and the state film
18 production credit under subsection (gg) of section 606 of the tax law
19 contained in section four of this act shall expire on the same date as
20 provided in subdivision (a) of section 49 of part Y of chapter 63 of the
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11746-02-1
S. 5577--A 2
1 laws of 2000, as amended and section 9 of part P of chapter 60 of the
2 laws of 2004, as amended, respectively.
3 S 3. This act shall take effect immediately; provided, however, that
4 the amendments to paragraph 2 of subdivision (a) of section 28 of the
5 tax law made by section one of this act shall not affect the repeal of
6 such section and shall be deemed repealed therewith.
