Assembly Bill A10153

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

                                  10153

                          I N  A S S E M B L Y

                               May 9, 2012
                               ___________

Introduced  by M. of A. SIMOTAS -- read once and referred to the Commit-
  tee on Ways and Means

AN ACT to amend chapter 60 of the laws of 2004,  amending  the  tax  law
  relating  to  the  empire state film production credit, in relation to
  the aggregate annual amount of such credit against state taxes

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

  Section 1. Subdivision (e) of section 7 of part P of chapter 60 of the
laws  of  2004,  amending  the tax law relating to the empire state film
production credit, as amended by section 1 of part C of chapter  312  of
the laws of 2010, is amended to read as follows:
  (e) Additional pool 2 - The aggregate amount of tax credits allowed in
subdivision (a) of this section shall be increased by an additional $420
million  in  2010,  $420  million  in  2011,  $420 million in 2012, $420
million in 2013 [and], $420 million in 2014 AND THEREAFTER, EXCEPT  THAT
IN  TAX  YEARS AFTER 2014, SUCH AMOUNT SHALL BE ADJUSTED ANNUALLY ON THE
FIRST OF JANUARY FOR INFLATION ACCORDING TO THE CONSUMER PRICE INDEX FOR
ALL CONSUMERS, ALL ITEMS, NORTHEAST REGION, NOT SEASONALLY ADJUSTED,  OF
THE  PREVIOUS  YEAR, BUT IN NO EVENT SHALL SUCH AMOUNT BE LESS THAN $420
MILLION; provided however, $7 million of the annual allocation shall  be
available  for  the empire state film post production credit pursuant to
section 31 of the tax law.  This additional amount shall be allocated by
the governor's office for  motion  picture  and  television  development
among  taxpayers  in accordance with subdivision (a) of this section. If
the director of the governor's office for motion picture and  television
development  determines  that the aggregate amount of tax credits avail-
able from additional pool 2 for the empire  state  film  production  tax
credit  have  been previously allocated, and determines that the pending
applications from eligible applicants for the post production tax credit
pursuant to section 31 of the tax law is  insufficient  to  utilize  the
balance  of  unallocated post production tax credits from such pool, the
remainder, after such pending applications are considered, shall be made
available for allocation in the empire state film tax credit pursuant to
section 24, subdivision 36 of section 210 and subsection (gg) of section

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

                                                           LBD14617-04-2

A. 10153                            2

606 of the tax law.  The governor's office for motion picture and  tele-
vision  development  must  notify taxpayers of their allocation year and
include the allocation year on the certificate of tax credit.  Taxpayers
eligible  to  claim a credit must report the allocation year directly on
their empire state film production credit tax form for each year a cred-
it is claimed and include a copy  of  the  certificate  with  their  tax
return.   In the case of a qualified film that receives funds from addi-
tional pool 2, no empire state film production credit shall  be  claimed
before the later of (1) the taxable year the production of the qualified
film  is  complete,  or  (2)  the taxable year immediately following the
allocation year for which the film has  been  allocated  credit  by  the
governor's office for motion picture and television development.
  S 2. This act shall take effect immediately.