assembly Bill A1465A

2015-2016 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status -


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

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 06, 2016 referred to ways and means
Feb 25, 2015 print number 1465a
amend and recommit to ways and means
Jan 12, 2015 referred to ways and means

Co-Sponsors

Multi-Sponsors

A1465 - Details

Law Section:
Tax Law
Laws Affected:
Add §42, amd §§210-B & 606, Tax L
Versions Introduced in 2013-2014 Legislative Session:
A8702

A1465 - Summary

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

A1465 - Bill Text download pdf

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

                                  1465

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 12, 2015
                               ___________

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 42 to read
as follows:
  S 42.  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 FIFTY OF SECTION TWO HUNDRED  TEN-B  AND
SUBSECTION  (CCC)  OF  SECTION  SIX  HUNDRED  SIX OF THIS CHAPTER IN ANY

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01211-01-5

Co-Sponsors

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Multi-Sponsors

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A1465A (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Add §42, amd §§210-B & 606, Tax L
Versions Introduced in 2013-2014 Legislative Session:
A8702

A1465A (ACTIVE) - Summary

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

A1465A (ACTIVE) - Bill Text download pdf

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

                                 1465--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 12, 2015
                               ___________

Introduced  by  M. of A. LENTOL, TITONE, ABBATE, THIELE, JAFFEE, COOK --
  Multi-Sponsored by -- M. of A. PERRY -- read once and referred to  the
  Committee  on  Ways  and  Means -- committee discharged, bill amended,
  ordered reprinted as amended and recommitted to said committee

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 42  to  read
as follows:
  S 42.  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-FIVE
PERCENT AND THE QUALIFIED PRODUCTION COSTS PAID  IN  THE  PRODUCTION  OF
MUSIC  BY  THE TAXPAYER.   QUALIFYING MUSIC PRODUCTIONS SHALL BE COMMER-
CIALLY LICENSED SOUND RECORDING PROJECTS HAVING AS THEIR PRINCIPAL PLACE
OF PRODUCTION AND RECORDING THIS STATE  AND  REQUIRING  EXPENDITURES  IN
EXCESS  OF  TWENTY-FIVE  THOUSAND  DOLLARS.  IF  THE ANNUAL COST OF SUCH
PRODUCTIONS TO A TAXPAYER EXCEEDS ONE HUNDRED THOUSAND DOLLARS,  BUT  NO
SINGLE  SUCH  PRODUCTION  EXCEEDS  ONE  HUNDRED  THOUSAND  DOLLARS, SUCH
TAXPAYER MAY APPLY FOR THE CREDIT ALLOWED BY THIS SECTION ON  AN  AGGRE-
GATE BASIS PROVIDED SUCH TAXPAYER EMPLOYES TEN OR MORE RESIDENTS OF THIS
STATE. QUALIFIED PRODUCTION COSTS SHALL MEAN COSTS FOR TANGIBLE PROPERTY
USED AND SERVICES PERFORMED DIRECTLY AND PREDOMINANTLY IN THE PRODUCTION
OF   QUALIFIED  MUSIC  PRODUCTION  IN  THIS  STATE.    QUALIFYING  MUSIC

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01211-03-5

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