|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jun 20, 2012||referred to ways and means|
delivered to assembly
ordered to third reading cal.1391
committee discharged and committed to rules
|May 31, 2012||referred to investigations and government operations|
senate Bill S7534
Archive: Last Bill Status - Passed Senate
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S7534 - Details
- Current Committee:
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§28 & 606, Tax L
S7534 - Summary
Relates to the Empire state commercial production tax credit; includes production of digital gaming media.
S7534 - Sponsor Memo
BILL NUMBER:S7534 TITLE OF BILL: An act to amend the tax law, in relation to Empire state commercial and digital gaming media production tax credit PURPOSE: The purpose of this bill is to provide a tax credit incentive for commercial and digital gaming production SUMMARY OF PROVISIONS: Amends section 28 of the tax law relative to defining digital gaming media and commercial production costs and provide for tax credits JUSTIFICATION: With technology changing rapidly, tax incentives for digital gaming media production, will produce an increased level of competition for NYS in this growing industry FISCAL IMPLICATIONS: To be determined. EFFECTIVE DATE: This act shall take effect immediately and shall apply to tax years
S7534 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7534 I N S E N A T E May 31, 2012 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to Empire state commercial and digital gaming media production tax credit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 28 of the tax law, as added by section 2 of part V of chapter 62 of the laws of 2006, paragraph 1 of subdivision (a) as amended by section 1 and subparagraphs (i) and (iii) of paragraph 2 of subdivision (a) as amended by section 2 of part I of chapter 59 of the laws of 2012, paragraph 2 of subdivision (a) as amended by chapter 300 of the laws of 2007 and paragraph 2 of subdivision (b) as amended by chapter 448 of the laws of 2009, is amended to read as follows: S 28. Empire state commercial AND DIGITAL GAMING MEDIA production credit. (a) Allowance of credit. (1) A taxpayer, which is a qualified commercial OR DIGITAL GAMING MEDIA production company, or which is a sole proprietor of a qualified commercial OR DIGITAL GAMING MEDIA production company, and which is subject to tax under article nine-A or twenty-two of this chapter, shall be allowed a credit against such tax, pursuant to the provisions referenced in subdivision (c) of this section, to be computed as provided in this section. Provided, however, to be eligible for such credit, at least seventy-five percent of the production costs (excluding post production costs) paid or incurred directly and predominantly in the actual filming or recording of the qualified commercial OR DIGITAL GAMING MEDIA PRODUCTION must be costs incurred in New York state. The tax credit allowed pursuant to this section shall apply to taxable years beginning before January first, two thousand fifteen. (2) The state has annually seven million dollars in total tax credits to disburse to all eligible commercial OR DIGITAL GAMING MEDIA production companies. The seven million dollars in total tax credits shall be allocated according to subparagraphs (i), (ii) and (iii) of this paragraph: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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