S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10768
 
                           I N  A S S E M B L Y
 
                               May 17, 2018
                                ___________
 
 Introduced  by M. of A. MORELLE -- read once and referred to the Commit-
   tee on Ways and Means
 
 AN ACT to amend the tax law, in relation to extending the  empire  state
   commercial production tax credit
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph 1 of subdivision (a) of section  28  of  the  tax
 law,  as  amended  by  section  1 of part J of chapter 60 of the laws of
 2016, is amended to read as follows:
   (1) A taxpayer which is a qualified commercial production company,  or
 which is a sole proprietor of a qualified commercial 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,  pursuant  to  the
 provisions referenced in subdivision (c) of this section, to be computed
 as  provided in this section. Provided, however, to be eligible for such
 credit, at least seventy-five percent of the production costs (excluding
 post production costs) paid or incurred directly  and  predominantly  in
 the  actual  filming  or  recording  of the qualified commercial must be
 costs incurred in New York state. The tax  credit  allowed  pursuant  to
 this  section  shall  apply  to  taxable  years beginning before January
 first, two thousand [nineteen] TWENTY-FOUR.
   § 2. Paragraph (c) of subdivision 23 of section 210-B of the tax  law,
 as  amended by section 2 of part J of chapter 60 of the laws of 2016, is
 amended to read as follows:
   (c) Expiration of credit. The credit allowed  under  this  subdivision
 shall  not  be applicable to taxable years beginning on or after January
 first, two thousand [nineteen] TWENTY-FOUR.
   § 3. Paragraph 1 of subsection (jj) of section 606 of the tax law,  as
 amended  by  section  3  of part J of chapter 60 of the laws of 2016, is
 amended to read as follows:
   (1) Allowance of credit. A taxpayer that is eligible pursuant  to  the
 provisions  of  section  twenty-eight of this chapter shall be allowed a
 credit to be computed as  provided  in  such  section  against  the  tax
 imposed by this article. The tax credit allowed pursuant to this section
 shall  apply  to taxable years beginning before January first, two thou-
 sand [nineteen] TWENTY-FOUR.
              

   § 4. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15804-01-8