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Senate Bill S6870

2015-2016 Legislative Session

Relates to the empire state film production credit

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Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

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2015-S6870 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยงยง210-B & 606, Tax L

2015-S6870 (ACTIVE) - Summary

Relates to the empire state film production credit.

2015-S6870 (ACTIVE) - Sponsor Memo

2015-S6870 (ACTIVE) - Bill Text download pdf 

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

                                  6870

                            I N  S E N A T E

                              March 2, 2016
                               ___________

Introduced  by  Sen.  DeFRANCISCO -- read twice and ordered printed, and
  when printed to be committed to the Committee  on  Investigations  and
  Government Operations

AN  ACT  to  amend  the  tax  law,  in relation to the empire state film
  production credit

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

  Section 1. Paragraph (b) of subdivision 20 of section 210-b of the tax
law, as added by section 17 of part A of chapter 59 of the laws of 2014,
is amended to read as follows:
  (b)  Application  of credit. The credit allowed under this subdivision
for any taxable year shall not reduce the tax due for such year to  less
than  the  fixed  dollar  minimum  amount prescribed in paragraph (d) of
subdivision one of section two hundred ten of  this  article.  Provided,
however,  that if the amount of the credit allowable under this subdivi-
sion for any taxable year reduces the tax  to  such  amount  or  if  the
taxpayer  otherwise  pays  tax based on the fixed dollar minimum amount,
FIFTY PERCENT OF the excess shall be treated as an overpayment of tax to
be credited or refunded in accordance with the provisions of section one
thousand eighty-six of this chapter. ANY  CREDIT  NOT  REFUNDED  MAY  BE
CARRIED  OVER FOR TEN YEARS, BUT MAY NOT BE TREATED AS AN OVERPAYMENT OF
TAX IN ANY SUBSEQUENT TAX YEAR. Provided,  however,  the  provisions  of
subsection  (c)  of  section  one  thousand eighty-eight of this chapter
notwithstanding, no interest shall be paid thereon.
  S 2. Paragraph 2 of subsection (gg) of section 606 of the tax law,  as
amended  by section 3 of part WW-1 of chapter 57 of the laws of 2008, is
amended to read as follows:
  (2) Application of credit. If the amount of the credit allowable under
this subsection for any taxable year exceeds the taxpayer's tax for such
year, FIFTY PERCENT OF the excess shall be treated as an overpayment  of
tax to be credited or refunded as provided in section six hundred eight-
y-six of this article, provided, however, that no interest shall be paid
thereon.  ANY CREDIT NOT REFUNDED MAY BE CARRIED OVER FOR TEN YEARS, BUT
MAY NOT BE TREATED AS AN OVERPAYMENT OF TAX IN ANY SUBSEQUENT TAX YEAR.
  S 3. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2017.

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