Assembly Bill A10267

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10267
 
                           I N  A S S E M B L Y
 
                              March 27, 2018
                                ___________
 
 Introduced  by  M.  of  A.  O'DONNELL  --  read once and referred to the
   Committee on Ways and Means
 
 AN ACT to amend the tax law, in relation to the musical  and  theatrical
   production  credit;  and to amend part HH of chapter 59 of the laws of
   2014 amending the  tax  law  relating  to  a  musical  and  theatrical
   production  credit, in relation to extending the effectiveness of such
   provisions

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision (e) of section 24-a of the tax law, as added by
 section  1  of  part HH of chapter 59 of the laws of 2014, is amended to
 read as follows:
   (e) Maximum amount of credits. (1) The aggregate amount of tax credits
 allowed under this  section,  subdivision  forty-seven  of  section  two
 hundred  ten-B  and  subsection  (u)  of section six hundred six of this
 chapter in any calendar year shall be [four] SIX million  dollars.  Such
 aggregate  amount  of  credits  shall  be allocated by the department of
 economic development among taxpayers in order of priority based upon the
 date of filing an application for allocation of musical  and  theatrical
 production credit with such department. If the total amount of allocated
 credits  applied for in any particular year exceeds the aggregate amount
 of tax credits allowed for such year under  this  section,  such  excess
 shall  be  treated  as  having  been applied for on the first day of the
 subsequent year.
   (2) The commissioner of economic development,  after  consulting  with
 the  commissioner, shall promulgate regulations by October thirty-first,
 two thousand fourteen to establish procedures for the allocation of  tax
 credits  as  required by subdivision (a) of this section. Such rules and
 regulations shall include provisions describing the application process,
 the due dates for such applications, the standards which shall  be  used
 to evaluate the applications, the documentation that will be provided to
 taxpayers  to  substantiate  to the department the amount of tax credits
 allocated to such taxpayers, and such other provisions as deemed  neces-
 sary  and appropriate. SUCH RULES AND REGULATIONS SHALL PERMIT AN APPLI-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD14726-01-8

 A. 10267                            2
 
 CANT FOR CREDITS UNDER THIS SECTION  TO  PROVIDE  THE  REQUIRED  CERTIF-
 ICATIONS  BY PROVIDING INFORMATION AND OTHER DOCUMENTATION PROVIDED BY A
 LICENSED AUDITOR ON BEHALF OF THE APPLICANT. Notwithstanding  any  other
 provisions  to  the  contrary in the state administrative procedure act,
 such rules and regulations may be  adopted  on  an  emergency  basis  if
 necessary to meet such October thirty-first, two thousand fourteen dead-
 line.
   §  2.  Section 5 of part HH of chapter 59 of the laws of 2014 amending
 the tax law relating to a musical and theatrical production  credit,  is
 amended to read as follows:
   § 5. This act shall take effect immediately, provided that section two
 of  this  act  shall  take effect on January 1, 2015, and shall apply to
 taxable years beginning on or after January 1,  2015,  with  respect  to
 "qualified  production  expenditures"  and "transportation expenditures"
 paid or incurred on or after such effective date, regardless of  whether
 the  production  of  the  qualified  musical  or  theatrical  production
 commenced before such date, provided further that this act shall  expire
 and be deemed repealed [4 years after such date] MARCH 31, 2023.
   §  3.  This act shall take effect immediately, provided, however, that
 the amendments to section 24-a of the tax law made  by  section  one  of
 this  act  shall  not affect the repeal of such section and shall expire
 and be deemed to repeal therewith.