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Assembly Bill A7571

2011-2012 Legislative Session

Provides that the empire state film post production tax credits shall apply to picture and sound post production, music and visual effects

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2011-A7571 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd ยง31, Tax L

2011-A7571 (ACTIVE) - Summary

Provides that the empire state film post production tax credits shall apply to picture and sound post production, music and visual effects as individual items of post production costs.

2011-A7571 (ACTIVE) - Bill Text download pdf 

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

                                  7571

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              May 10, 2011
                               ___________

Introduced  by  M.  of  A.  ENGLEBRIGHT -- read once and referred to the
  Committee on Ways and Means

AN ACT to amend the tax law, in relation to the empire state  film  post
  production credit

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

  Section 1.  Paragraph 3 of subdivision (a) of section 31  of  the  tax
law, as added by section 12 of part Q of chapter 57 of the laws of 2010,
is amended to read as follows:
  (3)  A  taxpayer  shall  not be eligible for the credit established by
this section unless the qualified post production costs at  a  qualified
post  production  facility  meet  or  exceed seventy-five percent of the
[total post production costs] QUALIFIED EXPENDITURES WITH RESPECT TO ANY
ONE OR MORE OF THE FOLLOWING SUBPARAGRAPHS: (I) PICTURE AND  SOUND  POST
PRODUCTION  COSTS; (II) MUSIC; AND (III) VISUAL EFFECTS; AS THE CASE MAY
BE, paid or incurred in the post production of the qualified film at any
post production facility. The credit shall ONLY be allowed WITH  RESPECT
TO  ANY QUALIFIED EXPENDITURES SPECIFIED IN A SUBPARAGRAPH OF THIS PARA-
GRAPH WHEN THE POST PRODUCTION  COSTS  SPECIFIED  IN  SUCH  SUBPARAGRAPH
MEETS  OR  EXCEEDS  SUCH  SEVENTY-FIVE PERCENT THRESHOLD for the taxable
year in which the production of such qualified film is completed.
  S 2. Paragraph 2 of subdivision (b) of section 31 of the tax  law,  as
added  by  section  12  of  part Q of chapter 57 of the laws of 2010, is
amended and three new paragraphs 2-a, 2-b and 2-c are added to  read  as
follows:
  (2) "Post production costs" means ANY EXPENDITURE IN PICTURE AND SOUND
POST  PRODUCTION,  MUSIC  OR  VISUAL  EFFECTS  IN  CONNECTION  WITH  THE
production of original content for a  qualified  film  employing  tradi-
tional,  emerging  and  new  workflow techniques used in post-production
[for picture, sound and music editorial, rerecording and mixing,  visual
effects, graphic design, original scoring, animation, and musical compo-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11454-01-1

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