assembly Bill A8702

2013-2014 Legislative Session

Relates to the creation of the empire state music production tax credit

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 17, 2014 held for consideration in ways and means
Feb 04, 2014 referred to ways and means

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A8702 (ACTIVE) - Details

See Senate Version of this Bill:
S6716
Law Section:
Tax Law
Laws Affected:
Add §41, amd §§210 & 606, Tax L
Versions Introduced in 2015-2016 Legislative Session:
A1465

A8702 (ACTIVE) - Summary

Relates to the creation of the empire state music production tax credit.

A8702 (ACTIVE) - Bill Text download pdf

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

                                  8702

                          I N  A S S E M B L Y

                            February 4, 2014
                               ___________

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

AN  ACT  to amend the tax law, in relation to the creation of the empire
  state music production credit

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

  Section  1.  The tax law is amended by adding a new section 41 to read
as follows:
  S 41.  EMPIRE STATE MUSIC PRODUCTION CREDIT. (A)(1) ALLOWANCE OF CRED-
IT. A TAXPAYER WHICH IS A QUALIFIED MUSIC PRODUCTION COMPANY, OR A QUAL-
IFIED INDEPENDENT MUSIC PRODUCTION COMPANY, OR WHICH IS A SOLE  PROPRIE-
TOR  OF  OR  A  MEMBER  OF  A  PARTNERSHIP  WHICH  IS  A QUALIFIED MUSIC
PRODUCTION COMPANY OR A QUALIFIED INDEPENDENT MUSIC 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.
  (2) THE AMOUNT OF THE CREDIT SHALL BE THE PRODUCT (OR PRO  RATA  SHARE
OF  THE  PRODUCT,  IN  THE  CASE OF A MEMBER OF A PARTNERSHIP) OF TWENTY
PERCENT AND THE QUALIFIED PRODUCTION  COSTS  PAID  OR  INCURRED  IN  THE
PRODUCTION OF MUSIC BY THE TAXPAYER. SUCH COSTS SHALL INCLUDE: RECORDING
PRODUCTION  COSTS,  ARTISTS' ROYALTIES, MUSICIAN SESSION FEES, GRAPHICS,
DIGITAL SCANNING, PROGRAMMING AND TESTING, PRODUCTION  COSTS  FOR  MUSIC
VIDEOS  MADE IN NEW YORK STATE AND DIRECT MARKETING EXPENDITURES INCLUD-
ING CONSULTANT FEES AND COSTS TO LAUNCH THE RECORDING. COSTS  SHALL  NOT
INCLUDE TOURING, PERFORMING, MANUFACTURING AND DISTRIBUTION COSTS.
  (3)  NO QUALIFIED PRODUCTION COSTS USED BY A TAXPAYER AS THE BASIS FOR
THE ALLOWANCE OF THE CREDIT PROVIDED FOR UNDER  THIS  SECTION  SHALL  BE
USED BY SUCH TAXPAYER TO CLAIM ANY OTHER CREDIT ALLOWED PURSUANT TO THIS
CHAPTER.
  (B)  ALLOCATION OF CREDIT. THE AGGREGATE AMOUNT OF TAX CREDITS ALLOWED
UNDER THIS SECTION, SUBDIVISION FORTY-EIGHT OF SECTION TWO  HUNDRED  TEN
AND  SUBSECTION  (XX)  OF SECTION SIX HUNDRED SIX OF THIS CHAPTER IN ANY
CALENDAR YEAR SHALL BE SIXTY MILLION DOLLARS. SUCH AGGREGATE  AMOUNT  OF
CREDITS  SHALL  BE ALLOCATED BY THE EMPIRE STATE DEVELOPMENT CORPORATION
AMONG TAXPAYERS IN ORDER OF PRIORITY BASED UPON THE DATE  OF  FILING  AN

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