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.