senate Bill S2966

2019-2020 Legislative Session

Establishes the empire state music production credit and the empire state digital gaming media production credit; repealer

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Sponsored By

Current Bill Status - In Senate Committee Investigations And Government Operations Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 31, 2019 referred to investigations and government operations

Co-Sponsors

S2966 (ACTIVE) - Details

See Assembly Version of this Bill:
A1943
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Add §§44 & 45, amd §§210-B & 606, Tax L; rpld §352 sub 13, amd §§353 & 352, add §243, Ec Dev L
Versions Introduced in Other Legislative Sessions:
2015-2016: S7485, A10083
2017-2018: S3159, A2670

S2966 (ACTIVE) - Summary

Establishes the empire state music production credit and the empire state digital gaming media production credit; defines terms.

S2966 (ACTIVE) - Sponsor Memo

S2966 (ACTIVE) - Bill Text download pdf


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

                                  2966

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            January 31, 2019
                               ___________

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

AN ACT to amend the  tax  law  and  the  economic  development  law,  in
  relation  to  the creation of the empire state music production credit
  and the empire state digital gaming media production credit; to repeal
  subdivision 13 of section 352 of the economic development law relating
  thereto; and providing for the repeal of certain provisions upon expi-
  ration thereof

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

  Section  1.  The tax law is amended by adding a new section 44 to read
as follows:
  § 44. EMPIRE STATE MUSIC PRODUCTION CREDIT. (A) ALLOWANCE  OF  CREDIT.
(1)  A  TAXPAYER WHICH IS A MUSIC PRODUCTION ENTITY ENGAGED IN QUALIFIED
MUSIC PRODUCTION, OR WHO IS A SOLE PROPRIETOR OF OR A MEMBER OF A  PART-
NERSHIP,  WHICH  IS A MUSIC PRODUCTION ENTITY ENGAGED IN QUALIFIED MUSIC
PRODUCTION, AND IS SUBJECT TO TAX UNDER ARTICLE NINE-A OR TWENTY-TWO  OF
THIS  CHAPTER, SHALL BE ALLOWED A CREDIT AGAINST SUCH TAX TO BE COMPUTED
AS PROVIDED HEREIN.
  (2) THE AMOUNT OF THE CREDIT SHALL BE THE PRODUCT (OR PRO  RATA  SHARE
OF  THE  PRODUCT,  IN  THE  CASE OF A MEMBER OF A PARTNERSHIP OR LIMITED
LIABILITY COMPANY) OF TWENTY-FIVE PERCENT AND  THE  ELIGIBLE  PRODUCTION
COSTS OF ONE OR MORE QUALIFIED MUSIC PRODUCTIONS.
  (3)  ELIGIBLE  PRODUCTION  COSTS  FOR  A  QUALIFIED  MUSIC  PRODUCTION
INCURRED AND PAID IN THIS STATE BUT OUTSIDE SUCH  METROPOLITAN  COMMUTER
TRANSPORTATION DISTRICT SHALL BE ELIGIBLE FOR A CREDIT OF TEN PERCENT OF
SUCH  ELIGIBLE  PRODUCTION  COSTS IN ADDITION TO THE CREDIT SPECIFIED IN
PARAGRAPH TWO OF THIS SUBDIVISION.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04548-01-9

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