Senate Bill S6417

2009-2010 Legislative Session

Authorizes a digital media production credit

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-S6417 (ACTIVE) - Details

See Assembly Version of this Bill:
A4309
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Add §31, amd §§210 & 606, Tax L

2009-S6417 (ACTIVE) - Summary

Authorizes a digital media production credit.

2009-S6417 (ACTIVE) - Sponsor Memo

2009-S6417 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6417

                            I N  S E N A T E

                               (PREFILED)

                             January 6, 2010
                               ___________

Introduced  by  Sen.  C. JOHNSON  -- read twice and ordered printed, and
  when printed to be committed to the Committee  on  Investigations  and
  Government Operations

AN  ACT to amend the tax law, in relation to authorizing an empire state
  digital media production credit

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  The tax law is amended by adding a new section 31 to read
as follows:
  S 31. EMPIRE STATE DIGITAL MEDIA PRODUCTION CREDIT. (A)  ALLOWANCE  OF
CREDIT.  (1)  A  TAXPAYER  WHICH IS A QUALIFIED DIGITAL MEDIA PRODUCTION
COMPANY, OR WHICH IS A SOLE PROPRIETOR  OF  A  QUALIFIED  DIGITAL  MEDIA
PRODUCTION COMPANY OR WHICH IS A MEMBER OF A PARTNERSHIP THAT IS A QUAL-
IFIED  DIGITAL  MEDIA  PRODUCTION  COMPANY,  AND WHICH IS SUBJECT TO TAX
UNDER ARTICLE NINE-A OR TWENTY-TWO OF THIS CHAPTER, SHALL BE  ALLOWED  A
CREDIT AGAINST SUCH TAX, PURSUANT TO THE PROVISIONS REFERENCED IN SUBDI-
VISION (C) OF THIS SECTION, TO BE COMPUTED AS PROVIDED IN THIS SECTION.
  (2)  THE STATE HAS ANNUALLY SEVEN MILLION DOLLARS IN TOTAL TAX CREDITS
TO DISBURSE TO ALL QUALIFIED DIGITAL MEDIA COMPANIES. THE SEVEN  MILLION
DOLLARS  IN  TOTAL  TAX CREDITS SHALL BE ALLOCATED ACCORDING TO SUBPARA-
GRAPHS (I), (II) AND (III) OF THIS PARAGRAPH:
  (I) THE STATE ANNUALLY WILL DISBURSE FOUR MILLION DOLLARS OF THE TOTAL
SEVEN MILLION DOLLARS IN TAX CREDITS  TO  ALL  QUALIFIED  DIGITAL  MEDIA
COMPANIES AND THE AMOUNT OF THE CREDIT SHALL BE THE PRODUCT (OR PRO RATA
SHARE OF THE PRODUCT, IN THE CASE OF A MEMBER OF A PARTNERSHIP) OF TWEN-
TY  PERCENT  OF  THE  QUALIFIED  DIGITAL  MEDIA PRODUCTION COSTS PAID OR
INCURRED IN THE PRODUCTION  OF  THE  QUALIFIED  DIGITAL  MEDIA  CONTENT,
PROVIDED  THAT  THE  QUALIFIED  DIGITAL  MEDIA  PRODUCTION COSTS PAID OR
INCURRED ARE ATTRIBUTABLE  TO  THE  USE  OF  TANGIBLE  PROPERTY  OR  THE
PERFORMANCE OF SERVICES WITHIN THE STATE IN THE PRODUCTION OF SUCH QUAL-
IFIED  DIGITAL  MEDIA CONTENT. TO BE ELIGIBLE FOR SUCH CREDIT, THE TOTAL
QUALIFIED DIGITAL MEDIA PRODUCTION COSTS OF A  QUALIFIED  DIGITAL  MEDIA
COMPANY  MUST  BE  GREATER  IN THE AGGREGATE DURING THE CURRENT CALENDAR

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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