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Senate Bill S5577A

2011-2012 Legislative Session

Relates to the empire film production credit

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Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

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Bill Amendments

2011-S5577 - Details

See Assembly Version of this Bill:
A7228
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §28, Tax L; amd Part V §10, Chap 62 of 2006

2011-S5577 - Summary

Relates to tax credit disbursements and the effectiveness of such provisions.

2011-S5577 - Sponsor Memo

2011-S5577 - Bill Text download pdf 

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

                                  5577

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              June 3, 2011
                               ___________

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 chapter 62 of the laws of 2006  amending
  the  tax  law  relating  to the empire state commercial production tax
  credit, in relation to tax credit disbursements and the  effectiveness
  of such provisions

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

  Section 1. Paragraph 2 of subdivision (a) of section  28  of  the  tax
law, as amended by chapter 300 of the laws of 2007, is amended by adding
a new subparagraph (iv) to read as follows:
  (IV) PROVIDED, HOWEVER, IF THERE IS ANY MONEY REMAINING FOR THE ANNUAL
TAX  CREDIT DISBURSEMENT AS DESCRIBED IN SUBPARAGRAPH (I), (II) OR (III)
OF THIS PARAGRAPH ON AND AFTER JANUARY SECOND, TWO THOUSAND TWELVE, SUCH
MONEY SHALL BE AVAILABLE TO ALL ELIGIBLE PRODUCTION COMPANIES SATISFYING
THE CRITERIA  SET  FORTH  IN  THIS  SECTION,  REGARDLESS  OF  GEOGRAPHIC
LOCATION, UPON APPROVAL OF THE APPLICATION REQUIRED UNDER THIS SECTION.
  S  2. Section 10 of part V of chapter 62 of the laws of 2006, amending
the tax law relating to the empire state commercial production tax cred-
it, is amended to read as follows:
  S 10. This act shall take effect immediately and shall apply to  taxa-
ble years beginning on and after January 1, 2007 and shall expire and be
deemed  repealed on December 31, [2011] 2016; provided, however that the
IMB credit for energy taxes under subsection (t-1) and  the  state  film
production  credit  under  subsection (gg) of section 606 of the tax law
contained in section four of this act shall expire on the same  date  as
provided in subdivision (a) of section 49 of part Y of chapter 63 of the
laws  of  2000,  as amended and section 9 of part P of chapter 60 of the
laws of 2004, as amended, respectively.
  S 3. This act shall take effect immediately; provided,  however,  that
the  amendments  to  paragraph 2 of subdivision (a) of section 28 of the
tax law made by section one of this act shall not affect the  repeal  of
such section and shall be deemed repealed therewith.

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

2011-S5577A (ACTIVE) - Details

See Assembly Version of this Bill:
A7228
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §28, Tax L; amd Part V §10, Chap 62 of 2006

2011-S5577A (ACTIVE) - Summary

Relates to tax credit disbursements and the effectiveness of such provisions.

2011-S5577A (ACTIVE) - Sponsor Memo

2011-S5577A (ACTIVE) - Bill Text download pdf 

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

                                 5577--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              June 3, 2011
                               ___________

Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
  printed to be  committed  to  the  Committee  on  Rules  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN  ACT to amend the tax law and chapter 62 of the laws of 2006 amending
  the tax law relating to the empire  state  commercial  production  tax
  credit,  in relation to tax credit disbursements and the effectiveness
  of such provisions

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

  Section  1.  Paragraph  2  of subdivision (a) of section 28 of the tax
law, as amended by chapter 300 of the laws of 2007, is amended by adding
a new subparagraph (iv) to read as follows:
  (IV) PROVIDED, HOWEVER, ON  AND  AFTER  JANUARY  FIRST,  TWO  THOUSAND
TWELVE,  IF  THERE  ARE  ANY  FUNDS  REMAINING FOR THE ANNUAL TAX CREDIT
DISBURSEMENT AS DESCRIBED IN SUBPARAGRAPH (I), (II)  OR  (III)  OF  THIS
PARAGRAPH  ON AND AFTER JANUARY SECOND, SUCH FUNDS SHALL BE AVAILABLE TO
ALL ELIGIBLE PRODUCTION COMPANIES SATISFYING THE CRITERIA SET  FORTH  IN
THIS  SECTION,  REGARDLESS  OF GEOGRAPHIC LOCATION, UPON APPROVAL OF THE
APPLICATION REQUIRED UNDER THIS SECTION.
  S 2. Section 10 of part V of chapter 62 of the laws of 2006,  amending
the tax law relating to the empire state commercial production tax cred-
it, is amended to read as follows:
  S  10. This act shall take effect immediately and shall apply to taxa-
ble years beginning on and after January 1, 2007 and shall expire and be
deemed repealed on December 31, [2011] 2016; provided, however that  the
IMB  credit  for  energy taxes under subsection (t-1) and the state film
production credit under subsection (gg) of section 606 of  the  tax  law
contained  in  section four of this act shall expire on the same date as
provided in subdivision (a) of section 49 of part Y of chapter 63 of the

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11746-02-1

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