senate Bill S7746

Vetoed By Governor
2013-2014 Legislative Session

Makes the musical and theatrical production business franchise tax credit applicable to the 2014 tax year

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A10049 - Vetoed by Governor


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

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Actions

view actions (11)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Nov 21, 2014 tabled
vetoed memo.511
Nov 10, 2014 delivered to governor
Jun 20, 2014 returned to assembly
passed senate
3rd reading cal.1681
substituted for s7746
Jun 20, 2014 substituted by a10049
ordered to third reading cal.1681
committee discharged and committed to rules
Jun 04, 2014 referred to investigations and government operations

S7746 - Details

See Assembly Version of this Bill:
A10049
Law Section:
Tax Law
Laws Affected:
Amd §§24-a, 210 & 606, Tax L; amd Part HH §5, Chap 59 of 2014

S7746 - Summary

Makes the musical and theatrical production business franchise tax credit applicable to the 2014 tax year.

S7746 - Sponsor Memo

S7746 - Bill Text download pdf

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

                                  7746

                            I N  S E N A T E

                              June 4, 2014
                               ___________

Introduced  by  Sen.  LITTLE -- 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 establishing a  musical  and
  theatrical  production  business franchise credit; to amend chapter 59
  of the laws of 2014, amending the tax law relating to  a  musical  and
  theatrical production credit, in relation to the effective date there-
  of; and providing for the repeal of certain provisions upon expiration
  thereof

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

  Section 1. Paragraph 1 of subdivision (c) of section 24-a of  the  tax
law, as added by section 1 of part HH of chapter 59 of the laws of 2014,
is amended to read as follows:
  (1) article 9-A: section [210-B] 210:  subdivision [47] 50.
  S 2. Paragraph 1 of subdivision (e) of section 24-a of the tax law, as
added  by  section  1  of  part HH of chapter 59 of the laws of 2014, is
amended to read as follows:
  (1) The aggregate amount of tax credits allowed  under  this  section,
subdivision  [forty-seven]  FIFTY of section two hundred [ten-B] TEN and
subsection (u) of section six hundred six of this chapter in any  calen-
dar year shall be four million dollars. Such aggregate amount of credits
shall  be  allocated  by  the  department  of economic development among
taxpayers in order of priority based upon the date of filing an applica-
tion for allocation of musical and  theatrical  production  credit  with
such department. If the total amount of allocated credits applied for in
any  particular year exceeds the aggregate amount of tax credits allowed
for such year under this section, such excess shall be treated as having
been applied for on the first day of the subsequent year.
  S 3. Section 210 of the tax law is amended by adding a new subdivision
50 to read as follows:
  50. MUSICAL AND THEATRICAL PRODUCTION CREDIT. (A) ALLOWANCE OF CREDIT.
A TAXPAYER WHO IS ELIGIBLE PURSUANT TO  SECTION  TWENTY-FOUR-A  OF  THIS

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15496-02-4

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