Senate Bill S7017A

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

                                 7017--A

                            I N  S E N A T E

                             March 16, 2016
                               ___________

Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment  Operations  --  committee  discharged,  bill  amended,   ordered
  reprinted as amended and recommitted to said committee

AN  ACT  to  amend the tax law, in relation to granting a tax credit for
  wages and salaries paid by qualified  film  production  companies  and
  qualified independent film production companies for services performed
  on  a  qualified  film in the counties of Rensselaer, Saratoga, Warren
  and Washington

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

  Section  1.  Paragraph  5  of subdivision (a) of section 24 of the tax
law, as amended by section 1 of part JJ of chapter 59  of  the  laws  of
2014, is amended to read as follows:
  (5) For the period two thousand fifteen through two thousand nineteen,
in addition to the amount of credit established in paragraph two of this
subdivision,  a  taxpayer shall be allowed a credit equal to the product
(or pro rata share of the product, in the case of a member of a partner-
ship) of ten percent and the amount of wages or salaries paid  to  indi-
viduals  directly  employed (excluding those employed as writers, direc-
tors, music directors, producers and  performers,  including  background
actors with no scripted lines) by a qualified film production company or
a  qualified  independent film production company for services performed
by those individuals in one of the counties specified in this  paragraph
in  connection  with  a  qualified  film  with  a minimum budget of five
hundred thousand dollars. For purposes of this  additional  credit,  the
services  must  be  performed  in one or more of the following counties:
Albany, Allegany,  Broome,  Cattaraugus,  Cayuga,  Chautauqua,  Chemung,
Chenango,  Clinton,  Cortland,  Delaware, Erie, Essex, Franklin, Fulton,
Genesee, Hamilton,  Herkimer,  Jefferson,  Lewis,  Livingston,  Madison,
Monroe, Montgomery, Niagara, Oneida, Onondaga, Ontario, Orleans, Oswego,
Otsego,  RENSSELAER, SARATOGA, Schenectady, Schoharie, Schuyler, Seneca,
St. Lawrence, Steuben, Tioga, Tompkins, WARREN, WASHINGTON, Wayne, Wyom-
ing, or Yates. The aggregate amount of tax credits allowed  pursuant  to

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

                                                           LBD14521-03-6

S. 7017--A                          2

the  authority of this paragraph shall be five million dollars each year
during the period two thousand fifteen through two thousand nineteen  of
the  annual  allocation  made available to the program pursuant to para-
graph  four of subdivision (e) of this section. Such aggregate amount of
credits shall be allocated by the governor's office for  motion  picture
and  television  development  among taxpayers in order of priority based
upon the date of filing an application for allocation of film production
credit with such office.   If the  total  amount  of  allocated  credits
applied  for  under  this  paragraph  in  any year exceeds the aggregate
amount of tax credits allowed for such year under this  paragraph,  such
excess  shall  be treated as having been applied for on the first day of
the next year. If the total amount of allocated tax credits applied  for
under  this  paragraph  at  the conclusion of any year is less than five
million dollars, the remainder shall be treated as part  of  the  annual
allocation  made  available to the program pursuant to paragraph four of
subdivision (e) of this section. However, in no event may the  total  of
the  credits  allocated  under  this paragraph and the credits allocated
under paragraph five of subdivision (a) of section  thirty-one  of  this
article  exceed  five  million dollars in any year during the period two
thousand fifteen through two thousand nineteen.
  S 2. This act shall take effect immediately and  shall  apply  to  tax
years commencing on or after January 1, 2016.