Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to investigations and government operations |
Jun 11, 2009 |
referred to rules |
Senate Bill S5842
2009-2010 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
Actions
2009-S5842 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A8805
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §1201-a, Tax L; amd Part P §7, Chap 60 of 2004
- Versions Introduced in 2011-2012 Legislative Session:
-
S880, A1377
2009-S5842 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5842 TITLE OF BILL : An act to amend the tax law and part P of chapter 60 of the laws of 2004, amending the tax law relating to the empire state film production credit, in relation to authorizing additional tax credits for certain costs incurred in film and television productions in a city having a population of one million or more PURPOSE : This legislation would ensure the continued growth of the film production industry in New York City through 2011. SUMMARY OF PROVISIONS : Section 1 amends adds a new definition of "qualified independent film production company" to tax law 51201-a(b). This section authorizes New York City to amend its General Corporation Tax ("GCT") and its Unincorporated Business Tax ("UBT"). Section 2 amends section 7(b)of part P of Chapter 60 of the Laws of 2004, to increase the aggregate amount of the tax credits allowed by the City of New York by an additional $24 million a year in 2009, 2010 and 2011. These new credits may not be claimed before taxable years beginning January 1, 2011, and payout in any year is capped at $24 million, with any amount in excess to be claimed in the subsequent
2009-S5842 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5842 2009-2010 Regular Sessions I N S E N A T E June 11, 2009 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the tax law and part P of chapter 60 of the laws of 2004, amending the tax law relating to the empire state film production credit, in relation to authorizing additional tax credits for certain costs incurred in film and television productions in a city having a population 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 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 OR QUALIFIED INDE- PENDENT FILM PRODUCTION COMPANY, and (D) the effective date of such credit shall be July first, two thousand six. 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 differences between the general corpo- ration tax and the unincorporated business tax. A "QUALIFIED INDEPEND- ENT FILM PRODUCTION COMPANY" IS AN INDIVIDUAL OR A CORPORATION, PARTNER- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14216-01-9
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