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Senate Bill S4669

2019-2020 Legislative Session

Phases out the empire state film production credit

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Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

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2019-S4669 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §24, Tax L

2019-S4669 (ACTIVE) - Summary

Phases out the empire state film production credit.

2019-S4669 (ACTIVE) - Sponsor Memo

2019-S4669 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4669
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                              March 20, 2019
                                ___________
 
 Introduced by Sen. ANTONACCI -- 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, in relation to phasing out 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 4 of subdivision (e) of section  24  of  the  tax
 law,  as  amended  by  section  2 of part M of chapter 59 of the laws of
 2017, is amended to read as follows:
   (4) Additional pool 2 - The aggregate amount of tax credits allowed in
 subdivision (a) of this section shall be increased by an additional four
 hundred twenty million dollars in each year starting in two thousand ten
 through two thousand [twenty-two] TWENTY,  TWO  HUNDRED  EIGHTY  MILLION
 DOLLARS IN TWO THOUSAND TWENTY-ONE AND ONE HUNDRED FORTY MILLION DOLLARS
 IN  TWO  THOUSAND  TWENTY-TWO provided however, seven million dollars of
 the annual allocation shall be available for the empire state film  post
 production  credit pursuant to section thirty-one of this article in two
 thousand thirteen and two  thousand  fourteen  and  twenty-five  million
 dollars of the annual allocation shall be available for the empire state
 film post production credit pursuant to section thirty-one of this arti-
 cle  in  each year starting in two thousand fifteen through two thousand
 twenty-two. This amount shall be allocated by the governor's office  for
 motion  picture and television development among taxpayers in accordance
 with subdivision (a) of this section. If the  commissioner  of  economic
 development  determines  that the aggregate amount of tax credits avail-
 able from additional pool 2 for the empire  state  film  production  tax
 credit  have  been previously allocated, and determines that the pending
 applications from eligible applicants for the  empire  state  film  post
 production  tax credit pursuant to section thirty-one of this article is
 insufficient to utilize the balance of  unallocated  empire  state  film
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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