senate Bill S7534

2011-2012 Legislative Session

Relates to the Empire state commercial production tax credit

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Archive: Last Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 20, 2012 referred to ways and means
delivered to assembly
passed senate
ordered to third reading cal.1391
committee discharged and committed to rules
May 31, 2012 referred to investigations and government operations

Votes

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S7534 - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยงยง28 & 606, Tax L

S7534 - Summary

Relates to the Empire state commercial production tax credit; includes production of digital gaming media.

S7534 - Sponsor Memo

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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