Bill Text: NY S07746 | 2013-2014 | General Assembly | Introduced
Bill Title: Makes the musical and theatrical production business franchise tax credit applicable to the 2014 tax year.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2014-06-20 - SUBSTITUTED BY A10049 [S07746 Detail]
Download: New_York-2013-S07746-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
7746
I N S E N A T E
June 4, 2014
___________
Introduced by Sen. LITTLE -- 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 establishing a musical and
theatrical production business franchise credit; to amend chapter 59
of the laws of 2014, amending the tax law relating to a musical and
theatrical production credit, in relation to the effective date there-
of; and providing for the repeal of certain provisions upon expiration
thereof
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Paragraph 1 of subdivision (c) of section 24-a of the tax
2 law, as added by section 1 of part HH of chapter 59 of the laws of 2014,
3 is amended to read as follows:
4 (1) article 9-A: section [210-B] 210: subdivision [47] 50.
5 S 2. Paragraph 1 of subdivision (e) of section 24-a of the tax law, as
6 added by section 1 of part HH of chapter 59 of the laws of 2014, is
7 amended to read as follows:
8 (1) The aggregate amount of tax credits allowed under this section,
9 subdivision [forty-seven] FIFTY of section two hundred [ten-B] TEN and
10 subsection (u) of section six hundred six of this chapter in any calen-
11 dar year shall be four million dollars. Such aggregate amount of credits
12 shall be allocated by the department of economic development among
13 taxpayers in order of priority based upon the date of filing an applica-
14 tion for allocation of musical and theatrical production credit with
15 such department. If the total amount of allocated credits applied for in
16 any particular year exceeds the aggregate amount of tax credits allowed
17 for such year under this section, such excess shall be treated as having
18 been applied for on the first day of the subsequent year.
19 S 3. Section 210 of the tax law is amended by adding a new subdivision
20 50 to read as follows:
21 50. MUSICAL AND THEATRICAL PRODUCTION CREDIT. (A) ALLOWANCE OF CREDIT.
22 A TAXPAYER WHO IS ELIGIBLE PURSUANT TO SECTION TWENTY-FOUR-A OF THIS
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15496-02-4
S. 7746 2
1 CHAPTER SHALL BE ALLOWED A CREDIT TO BE COMPUTED AS PROVIDED IN SUCH
2 SECTION AGAINST THE TAX IMPOSED BY THIS ARTICLE.
3 (B) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION
4 FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS
5 THAN THE AMOUNT PRESCRIBED IN PARAGRAPH (D) OF SUBDIVISION ONE OF THIS
6 SECTION. PROVIDED, HOWEVER, THAT IF THE AMOUNT OF THE CREDIT ALLOWABLE
7 UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR REDUCES THE TAX TO SUCH
8 AMOUNT, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CRED-
9 ITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION ONE THOU-
10 SAND EIGHTY-SIX OF THIS CHAPTER. PROVIDED, FURTHER, THE PROVISIONS OF
11 SUBSECTION (C) OF SECTION ONE THOUSAND EIGHTY-EIGHT OF THIS CHAPTER
12 NOTWITHSTANDING, NO INTEREST SHALL BE PAID THEREON.
13 S 4. Clause (xxxix) of subparagraph B of paragraph 1 of subsection (i)
14 of section 606 of the tax law, as added by section 3 of part HH of chap-
15 ter 59 of the laws of 2014, is amended to read as follows:
16 (xxxix) Musical and theatrical Amount of credit for
17 production credit under the sum of the qualified
18 subsection (u) production expenditures and
19 the transportation expenditures
20 in a qualified musical and
21 theatrical production under
22 subdivision [forty-seven] FIFTY of
23 section two hundred [ten-B] TEN
24 S 5. Section 5 of part HH of chapter 59 of the laws of 2014, amended
25 the tax law relating to a musical and theatrical production credit, is
26 amended to read as follows:
27 S 5. This act shall take effect immediately AND SHALL APPLY TO TAXABLE
28 YEARS COMMENCING ON OR AFTER JANUARY 1, 2014, provided that section two
29 of this act shall take effect on January 1, 2015, [and shall apply to
30 taxable years beginning on or after January 1, 2015,] with respect to
31 "qualified production expenditures" and "transportation expenditures"
32 paid or incurred on or after such effective date, regardless of whether
33 the production of the qualified musical or theatrical production
34 commenced before such date, provided further that this act shall expire
35 and be deemed repealed 4 years after such date.
36 S 6. This act shall take effect immediately, provided that: sections
37 one, two, three and four of this act shall apply to taxable years
38 commencing on or after January 1, 2014, and such sections shall expire
39 and be deemed repealed on the effective date of section 17 of part A of
40 chapter 59 of the laws of 2014, as amended.
