senate Bill S6716

2013-2014 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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 (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 03, 2014 referred to investigations and government operations

S6716 (ACTIVE) - Details

See Assembly Version of this Bill:
A8702
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Add §41, amd §§210 & 606, Tax L
Versions Introduced in 2015-2016 Legislative Session:
A1465

S6716 (ACTIVE) - Summary

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

S6716 (ACTIVE) - Sponsor Memo

S6716 (ACTIVE) - Bill Text download pdf

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

                                  6716

                            I N  S E N A T E

                              March 3, 2014
                               ___________

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 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

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

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