S T A T E O F N E W Y O R K
________________________________________________________________________
229
2009-2010 Regular Sessions
I N A S S E M B L Y
(PREFILED)
January 7, 2009
___________
Introduced by M. of A. GIANARIS -- read once and referred to the Commit-
tee on Ways and Means
AN ACT to amend the tax law and chapter 60 of the laws of 2004 amending
the tax law relating to providing tax credits for certain costs
incurred in film and television productions, in relation to the amount
of such credits against taxes administered by cities of one million or
more
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision (b) of section 1201-a of the tax law, as
amended by section 5 of part Y of chapter 62 of the laws of 2006, is
amended to read as follows:
(b) Empire state film production credit. Any city in this state having
a population of one million or more, acting through its local legisla-
tive body, is hereby authorized to adopt and amend local laws to allow a
credit against the general corporation tax and the unincorporated busi-
ness tax imposed pursuant to the authority of chapter seven hundred
seventy-two of the laws of nineteen hundred sixty-six which shall be
substantially identical to the credit allowed under section twenty-four
of this chapter, except that (A) the percentage of qualified production
costs used to calculate such credit shall be [five] FIFTEEN percent, (B)
whenever such section twenty-four references the state, such words shall
be read as referencing the city, (C) such credit shall be allowed only
to a taxpayer which is a qualified film production company, and (D) the
effective date of such credit shall be July first, two thousand [six]
EIGHT. Such credit shall be applied in a manner consistent with the
credit allowed under subdivision thirty-six of section two hundred ten
of this chapter except as may be necessary to take into account differ-
ences between the general corporation tax and the unincorporated busi-
ness tax.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00182-01-9
A. 229 2
S 2. Subdivision (b) of section 7 of part P of chapter 60 of the laws
of 2004 amending the tax law relating to providing tax credits for
certain costs incurred in film and television productions, as amended by
section 2 of part Y of chapter 62 of the laws of 2006, is amended to
read as follows:
(b) The aggregate amount of tax credits allowed pursuant to the
authority of subdivision (b) of section 1201-a of the tax law in any
calendar year shall be $12.5 million in 2004 and 2005 [and], $30 million
in 2006 [through 2011] AND 2007, $32.5 MILLION IN 2008, $37.5 MILLION IN
2009, $42.5 MILLION IN 2010, $45 MILLION IN 2011 AND 2012, AND $55
MILLION IN 2013. Such aggregate amount of credits shall be allocated by
the mayor's office of film, theater and broadcasting among taxpayers in
order of priority based upon the date of filing an application for allo-
cation of film production credit with such office. If the total amount
of allocated credits applied for in any particular year exceeds the
aggregate amount of tax credits allowed for such year under this
section, such excess shall be treated as having been applied for on the
first day of the subsequent year.
S 3. This act shall take effect immediately and applies to taxable
years beginning on or after July 1, 2008 and shall apply to applications
filed on or after the date it becomes a law; provided, however, that the
amendments to subdivision (b) of section 1201-a of the tax law, made by
section one of this act, and subdivision (b) of section 7 of part P of
chapter 60 of the laws of 2004, made by section two of this act, shall
not affect the repeal of such subdivisions and shall be deemed repealed
therewith.