|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Mar 03, 2014||referred to investigations and government operations|
senate Bill S6716
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S6716 (ACTIVE) - Details
S6716 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6716 TITLE OF BILL: An act to amend the tax law, in relation to the creation of the empire state music production credit PURPOSE: Relates to the creation of the empire state music production tax credit SUMMARY OF PROVISIONS: The tax law in amended by adding a new section 41. Section 210 of the tax law is amended by adding a new subdivision 48. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 of the tax law is amended by adding a new clause (xxxvii). Subsections (yy) and (zz) of section 606 of the tax law, as relettered by section 5 of part H of Chapter 1 of the laws of 2003, are relettered subsections (yyy) and (zzz) and a new subsection (xx) is added. JUSTIFICATION: The music industry in New York State continues to expand our cultural frontiers while driving the creative economy to new post-recession heights. Other states have taken notice. Georgia, Tennessee and Louisiana have passed legislation that would provide production tax credits and incentives. Provinces of Canada have also introduced production tax credits. New York artists are increasingly faced with a choice of producing their music locally or traveling to other states. Legislative History: New Bill
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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