Assembly Bill A5267

2021-2022 Legislative Session

Establishes the empire state music production credit and the empire state digital gaming media production credit; repealer

download bill text pdf

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Archive: Last Bill Status - In Assembly 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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2021-A5267 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §§45 & 46, amd §§210-B & 606, Tax L; rpld §352 sub 13, amd §§353 & 352, add §243, Ec Dev L
Versions Introduced in Other Legislative Sessions:
2015-2016: A10083
2017-2018: A2670
2019-2020: A1943

2021-A5267 (ACTIVE) - Summary

Establishes the empire state music production credit and the empire state digital gaming media production credit; defines terms.

2021-A5267 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5267
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 12, 2021
                                ___________
 
 Introduced by M. of A. WALKER -- read once and referred to the Committee
   on Ways and Means
 
 AN  ACT  to  amend  the  tax  law  and  the economic development law, in
   relation to the creation of the empire state music  production  credit
   and the empire state digital gaming media production credit; to repeal
   subdivision 13 of section 352 of the economic development law relating
   thereto; and providing for the repeal of certain provisions upon expi-
   ration thereof
 
   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 45  to  read
 as follows:
   §  45.  EMPIRE STATE MUSIC PRODUCTION CREDIT. (A) ALLOWANCE OF CREDIT.
 (1) A TAXPAYER WHICH IS A MUSIC PRODUCTION ENTITY ENGAGED  IN  QUALIFIED
 MUSIC  PRODUCTION, OR WHO IS A SOLE PROPRIETOR OF OR A MEMBER OF A PART-
 NERSHIP, WHICH IS A MUSIC PRODUCTION ENTITY ENGAGED IN  QUALIFIED  MUSIC
 PRODUCTION,  AND IS SUBJECT TO TAX UNDER ARTICLE NINE-A OR TWENTY-TWO OF
 THIS CHAPTER, SHALL BE ALLOWED A CREDIT AGAINST SUCH TAX TO BE  COMPUTED
 AS PROVIDED HEREIN.
   (2)  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  OR  LIMITED
 LIABILITY  COMPANY)  OF  TWENTY-FIVE PERCENT AND THE ELIGIBLE PRODUCTION
 COSTS OF ONE OR MORE QUALIFIED MUSIC PRODUCTIONS.
   (3)  ELIGIBLE  PRODUCTION  COSTS  FOR  A  QUALIFIED  MUSIC  PRODUCTION
 INCURRED  AND  PAID IN THIS STATE BUT OUTSIDE SUCH METROPOLITAN COMMUTER
 TRANSPORTATION DISTRICT SHALL BE ELIGIBLE FOR A CREDIT OF TEN PERCENT OF
 SUCH ELIGIBLE PRODUCTION COSTS IN ADDITION TO THE  CREDIT  SPECIFIED  IN
 PARAGRAPH TWO OF THIS SUBDIVISION.
   (4)  ELIGIBLE  PRODUCTION  COSTS SHALL NOT INCLUDE THOSE COSTS USED BY
 THE TAXPAYER OR ANOTHER TAXPAYER AS THE BASIS CALCULATION OF  ANY  OTHER
 TAX CREDIT ALLOWED UNDER THIS CHAPTER OR ALLOWED IN ANY OTHER STATE.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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