Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 02, 2016 |
referred to investigations and government operations |
Senate Bill S6870
2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2015-S6870 (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§210-B & 606, Tax L
2015-S6870 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6870 TITLE OF BILL : An act to amend the tax law, in relation to the empire state film production credit PURPOSE : This bill would amend the empire state film production credit. SUMMARY OF PROVISIONS : Section 1- Amends 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. Section 2 - Amends paragraph 2 of subsection (gg) of section 606 of the tax law, as amended by section 3 of part WW-a of chapter 57 of the laws of 2008. Section 3 - Effective date JUSTIFICATION : Data shows that the vast majority of film companies which have received film tax credits are not incorporated in New York State. The savings from this bill should instead be utilized for broad based tax
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.
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.