NY State Senate Bill 2021-S4862

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

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 05, 2022	referred to investigations and government operations
Feb 16, 2021	referred to investigations and government operations

2021-S4862 (ACTIVE) - Details

Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Add §24-c, amd §§210-B & 606, Tax L; add §99-ii, St Fin L

2021-S4862 (ACTIVE) - Summary

Establishes the New York city musical and theatrical production tax credit; establishes credit shall be 25% of qualified production expenses, not to exceed five million dollars per qualified New York city musical and theatrical production.

2021-S4862 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S4862

SPONSOR: HOYLMAN
 
TITLE OF BILL:

An act to amend the tax law and the state finance law, in relation to
establishing the New York city musical and theatrical production tax
credit; and providing for the repeal of such provisions upon expiration
thereof

 
SUMMARY OF PROVISIONS:

Section 1 of the bill creates a new section 24-c of the Tax Law ("New
York City Musical & Theatrical Production Tax Credit") to provide a tax
credit for qualified New York City Musical and Theatrical Production
Companies of 25% of qualified production expenditures, up to a maximum
credit of $5 million per qualified production. No qualified production
expenditures used as the basis for the allowance of this credit may be
used as the basis for any other state tax credit, and no qualified
production expenditure that was reimbursed through the federal Save Our
Stages initiative may be used as the basis for the allowance of this
credit. The maximum aggregate amount of tax credits allowed under the

new section 24-c is $50 million per calendar year.

Any qualified New York City Musical & Theatrical Production Company that
applies to receive this credit will be required to participate in a New
York State Diversity & Arts Job Training Program, create and implement a
plan to ensure that their production is available and accessible for low
or no-cost to low income New Yorkers, and contribute up to 50% of the
total credits received to the New York State Arts & Cultural Program
Fund if the production earns revenue after receipt of the credit that is
at least equal to 200% of its production costs.

Section 2 of the bill adds a conforming subdivision 57 to section 210-B
of the Tax Law for the New York City Musical & Theatrical Production Tax
Credit.

Section 3 of the bill adds a conforming subsection (mmm) to section 666
of the Tax Law for the New York City Musical & Theatrical Production Tax
Credit.

Section 4 of the bill adds a conforming clause (xlviii) to subparagraph
(B) of paragraph 1 of subsection (i) of section 606 of the Tax Law for
the New York City Musical & Theatrical Production Tax Credit.

Section 5 of the bill creates a new section 99-ii of the State Finance
Law ("New York State Arts & Cultural Program Fund") to create a fund
consisting of all revenues received by the State pursuant to section
24-c of the Tax Law and all other moneys appropriated from any other
fund or source. The fund is to be expended for the purpose of supple-
menting art and cultural programs for secondary and elementary children,
including programs that increase access to art and cultural programs and
events for children in underserved communities.

Section 6 of the bill is the effective date.

 
JUSTIFICATION:


Prior to the COVID-19 pandemic, New York's theater industry had a
combined economic impact of around $15 billion a year, between direct
spending by theatrical production companies, show attendees, direct and
indirect spending by tourists, and tax revenue. On March 12, 2020, New
York's theaters - most prominently those on Broadway - literally and
figuratively went dark as COVID-19 shutdown orders took effect.

Almost a year later, New York's theaters remain empty, with a cascading
impact on nearly 100,000 actors, stagehands, writers, and musicians, to
say nothing of the adjacent small businesses in the retail, hospitality
and tourism industries that rely the audiences attracted to Broadway and
off-Broadway shows. Even with the reopening of the State on the horizon
with widespread distribution of the COVID-19 vaccine, the future of New
York's theater industry remains uncertain.

This proposed New York City Musical & Theatrical Production Tax Credit
builds off of a similar proposal contained in the FY 21-22 Executive
Budget by increasing the annual funding of the tax credit to $50
million, extending the length of the program to eight years, requiring
50% of the credits to be paid back if the recipient productions recoup
200% of production costs, dedicating funding to elementary and secondary
school arts and culture education, requiring recipients to participate
in a Diversity & Inclusion Fellowship Program and provide at least 50%
of seats for one performance for low-income residents.

The provision of these tax credits will help jumpstart the theater
industry upon its reopening, helping revive a multi-billion dollar
economic engine by reemploying theater workers, prompting the creation
of new shows, assisting the return of old favorites, and facilitating
touring companies around the State.

 
LEGISLATIVE HISTORY:

None, new bill.

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately and shall apply taxable years
beginning on or after January 1, 2021, provided, however, that this act
shall expire and be deemed repealed 8 years after such effective date.

2021-S4862 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4862
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 16, 2021
                                ___________
 
 Introduced  by  Sen. HOYLMAN -- 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 state finance law,  in  relation  to
   establishing  the  New York city musical and theatrical production tax
   credit; and providing for the repeal of such provisions  upon  expira-
   tion 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 24-c to read
 as follows:
   § 24-C. NEW YORK CITY MUSICAL AND THEATRICAL  PRODUCTION  TAX  CREDIT.
 (A)  ALLOWANCE  OF CREDIT.   (1) A TAXPAYER THAT IS A QUALIFIED NEW YORK
 CITY MUSICAL AND THEATRICAL PRODUCTION COMPANY, OR IS A SOLE  PROPRIETOR
 OF  OR  A  MEMBER  OF  A  PARTNERSHIP  THAT IS A QUALIFIED NEW YORK CITY
 MUSICAL AND THEATRICAL PRODUCTION COMPANY, AND THAT 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  REFERRED  TO  IN
 SUBDIVISION  (D) OF THIS SECTION, AND TO BE COMPUTED AS PROVIDED IN THIS
 SECTION.
   (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) OF TWENTY-FIVE
 PERCENT  AND  THE SUM OF THE QUALIFIED PRODUCTION EXPENDITURES. PROVIDED
 HOWEVER THAT THE AMOUNT OF THE CREDIT CANNOT EXCEED FIVE MILLION DOLLARS
 PER QUALIFIED NEW YORK CITY MUSICAL AND THEATRICAL PRODUCTION.
   (3) NO QUALIFIED PRODUCTION EXPENDITURES USED BY A TAXPAYER EITHER  AS
 THE  BASIS  FOR  THE  ALLOWANCE  OF THE CREDIT PROVIDED PURSUANT TO THIS
 SECTION OR USED IN THE CALCULATION OF THE CREDIT  PROVIDED  PURSUANT  TO
 THIS  SECTION  SHALL  BE USED BY SUCH TAXPAYER TO CLAIM ANY OTHER CREDIT
 ALLOWED PURSUANT TO THIS CHAPTER.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08790-04-1

 S. 4862                             2
 
   (4) NO QUALIFIED PRODUCTION EXPENDITURE REIMBURSED THROUGH  A  FEDERAL
 GRANT  UNDER  SECTION  THREE  HUNDRED TWENTY-FOUR OF THE FEDERAL CONSOL-
 IDATED APPROPRIATIONS ACT OF TWO THOUSAND  TWENTY-ONE,  REFERRED  TO  AS
 SAVE  OUR  STAGES,  SHALL  BE USED AS THE BASIS FOR THE ALLOWANCE OF THE
 CREDIT  PROVIDED  PURSUANT TO THIS SECTION OR USED IN THE CALCULATION OF
 THE CREDIT PROVIDED PURSUANT TO THIS SECTION.
   (B) DEFINITIONS. AS USED IN THIS SECTION, THE  FOLLOWING  TERMS  SHALL
 HAVE THE FOLLOWING MEANINGS:
   (1)  "QUALIFIED NEW YORK CITY MUSICAL AND THEATRICAL PRODUCTION" MEANS
 A FOR-PROFIT LIVE, DRAMATIC STAGE PRESENTATION THAT, IN ITS ORIGINAL  OR
 ADAPTIVE  VERSION,  IS PERFORMED IN A QUALIFIED NEW YORK CITY PRODUCTION
 FACILITY, WHETHER OR NOT SUCH PRODUCTION WAS PERFORMED  IN  A  QUALIFIED
 NEW  YORK  CITY PRODUCTION FACILITY PRIOR TO MARCH TWELFTH, TWO THOUSAND
 TWENTY.
   (2) "QUALIFIED PRODUCTION EXPENDITURE" MEANS ANY  COSTS  FOR  TANGIBLE
 PROPERTY  USED  AND SERVICES PERFORMED DIRECTLY AND PREDOMINANTLY IN THE
 PRODUCTION  OF  A  QUALIFIED  NEW  YORK  CITY  MUSICAL  AND   THEATRICAL
 PRODUCTION,  INCLUDING:  (I)  EXPENDITURES  FOR DESIGN, CONSTRUCTION AND
 OPERATION,  INCLUDING  SETS,  SPECIAL  AND  VISUAL  EFFECTS,   COSTUMES,
 WARDROBES,  MAKE-UP, ACCESSORIES AND COSTS ASSOCIATED WITH SOUND, LIGHT-
 ING, AND STAGING; (II) ALL SALARIES, WAGES, FEES, AND OTHER COMPENSATION
 INCLUDING RELATED BENEFITS FOR SERVICES PERFORMED; (III)  TECHNICAL  AND
 CREW  PRODUCTION  COSTS,  SUCH  AS EXPENDITURES FOR A QUALIFIED NEW YORK
 CITY PRODUCTION FACILITY, OR ANY PART THEREOF, PHYSICAL PRODUCTION STOR-
 AGE SPACES, REHEARSAL SPACES, PROPS, MAKE-UP, WARDROBE, COSTUMES, EQUIP-
 MENT  USED  FOR  SPECIAL  AND  VISUAL  EFFECTS,  SOUND  RECORDING,   SET
 CONSTRUCTION,  AND  LIGHTING; (IV) COSTS DIRECTLY ATTRIBUTABLE TO ADVER-
 TISING, MARKETING AND PUBLICITY; (V) EXPENDITURES INCURRED ON OR  BEFORE
 THE END OF THE TWELFTH WEEK OF PUBLIC PERFORMANCES OCCURRING AFTER JANU-
 ARY,  TWO  THOUSAND TWENTY-ONE; (VI) EXPENSES IN CONNECTION WITH HYGIENE
 AND SAFETY MEASURES  RELATED  TO  COVID-19  PREVENTION;  AND  (VII)  ALL
 EXPENDITURES  PURSUANT TO THIS PARAGRAPH THAT WERE INCURRED AFTER FEBRU-
 ARY, TWO THOUSAND TWENTY IN CONNECTION WITH A CLOSING,  ONGOING  SUSPEN-
 SION, REMOUNTING, AND PUBLIC PERFORMANCES OF A PRODUCTION THAT CLOSED IN
 MARCH, TWO THOUSAND TWENTY DUE TO COVID-19 AND WHICH REOPENS AFTER JANU-
 ARY, TWO THOUSAND TWENTY-ONE.
   (3)  "QUALIFIED  NEW  YORK  CITY PRODUCTION FACILITY" MEANS A FACILITY
 LOCATED WITHIN THE CITY  OF  NEW  YORK  (I)  IN  WHICH  LIVE  THEATRICAL
 PRODUCTIONS  ARE  OR  ARE  INTENDED TO BE PRIMARILY PRESENTED, (II) THAT
 CONTAINS AT LEAST ONE STAGE, A SEATING CAPACITY OF FIVE HUNDRED OR  MORE
 SEATS,  AND DRESSING ROOMS, STORAGE AREAS, AND OTHER ANCILLARY AMENITIES
 NECESSARY FOR  THE  QUALIFIED  NEW  YORK  CITY  MUSICAL  AND  THEATRICAL
 PRODUCTION,  AND  (III)  FOR WHICH RECEIPTS ATTRIBUTABLE TO TICKET SALES
 CONSTITUTE SEVENTY-FIVE PERCENT OR MORE OF GROSS RECEIPTS OF THE FACILI-
 TY.
   (4) "QUALIFIED NEW YORK CITY MUSICAL AND THEATRICAL PRODUCTION  COMPA-
 NY"  IS A CORPORATION, PARTNERSHIP, LIMITED PARTNERSHIP, OR OTHER ENTITY
 OR INDIVIDUAL WHICH IS OR WHO IS PRINCIPALLY ENGAGED IN  THE  PRODUCTION
 OF A QUALIFIED NEW YORK CITY MUSICAL OR THEATRICAL PRODUCTION THAT IS TO
 BE PERFORMED IN A QUALIFIED NEW YORK CITY PRODUCTION FACILITY.
   (C)  CROSS-REFERENCES.  FOR  APPLICATION OF THE CREDIT PROVIDED FOR IN
 THIS SECTION, SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
   (1) ARTICLE 9-A: SECTION 210-B: SUBDIVISION 57;
   (2) ARTICLE 22: SECTION 606: SUBSECTION (MMM).
   (D) NOTWITHSTANDING ANY PROVISION OF THIS CHAPTER, (I)  EMPLOYEES  AND
 OFFICERS  OF  THE  DEPARTMENT OF ECONOMIC DEVELOPMENT AND THE DEPARTMENT

 S. 4862                             3
 
 SHALL BE ALLOWED AND ARE DIRECTED  TO  SHARE  AND  EXCHANGE  INFORMATION
 REGARDING  THE CREDITS APPLIED FOR, ALLOWED, OR CLAIMED PURSUANT TO THIS
 SECTION AND TAXPAYERS WHO ARE APPLYING FOR CREDITS OR WHO  ARE  CLAIMING
 CREDITS, INCLUDING INFORMATION CONTAINED IN OR DERIVED FROM CREDIT CLAIM
 FORMS  SUBMITTED  TO  THE  DEPARTMENT AND APPLICATIONS FOR CERTIFICATION
 SUBMITTED TO THE  DEPARTMENT  OF  ECONOMIC  DEVELOPMENT,  AND  (II)  THE
 COMMISSIONER AND THE COMMISSIONER OF THE DEPARTMENT OF ECONOMIC DEVELOP-
 MENT  MAY RELEASE THE NAMES AND ADDRESSES OF ANY QUALIFIED NEW YORK CITY
 MUSICAL AND THEATRICAL PRODUCTION COMPANY ENTITLED TO CLAIM THIS  CREDIT
 AND THE AMOUNT OF THE CREDIT EARNED BY SUCH COMPANY.
   (E) MAXIMUM AMOUNT OF CREDITS. (1) THE AGGREGATE AMOUNT OF TAX CREDITS
 ALLOWED  UNDER  THIS  SECTION,  SUBDIVISION  FIFTY-SEVEN  OF SECTION TWO
 HUNDRED TEN-B AND SUBSECTION (MMM) OF SECTION SIX HUNDRED  SIX  OF  THIS
 CHAPTER IN ANY CALENDAR YEAR SHALL BE FIFTY MILLION DOLLARS. SUCH AGGRE-
 GATE  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 THE NEW YORK CITY MUSICAL AND
 THEATRICAL PRODUCTION TAX CREDIT WITH  SUCH  DEPARTMENT.  IF  THE  TOTAL
 AMOUNT  OF ALLOCATED CREDITS APPLIED FOR IN ANY PARTICULAR CALENDAR 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 CALENDAR YEAR.
   (2)  THE  COMMISSIONER  OF ECONOMIC DEVELOPMENT, AFTER CONSULTING WITH
 THE COMMISSIONER, SHALL PROMULGATE REGULATIONS TO  ESTABLISH  PROCEDURES
 FOR  THE  ALLOCATION  OF  TAX  CREDITS AS REQUIRED BY THIS SECTION. SUCH
 RULES AND REGULATIONS SHALL INCLUDE PROVISIONS DESCRIBING  THE  APPLICA-
 TION  PROCESS,  THE  DUE DATES FOR SUCH APPLICATIONS, THE STANDARDS THAT
 WILL BE USED TO EVALUATE THE APPLICATIONS, THE DOCUMENTATION  THAT  WILL
 BE  PROVIDED  BY APPLICANTS TO SUBSTANTIATE TO THE DEPARTMENT THE AMOUNT
 OF QUALIFIED PRODUCTION EXPENDITURES OF SUCH APPLICANTS, AND SUCH  OTHER
 PROVISIONS  AS  DEEMED  NECESSARY  AND  APPROPRIATE. NOTWITHSTANDING ANY
 OTHER PROVISIONS TO THE CONTRARY IN THE STATE  ADMINISTRATIVE  PROCEDURE
 ACT, SUCH RULES AND REGULATIONS MAY BE ADOPTED ON AN EMERGENCY BASIS.
   (F)  ADDITIONS  TO  THE MAXIMUM AMOUNT OF CREDITS. IF APPLICATIONS FOR
 THE NEW YORK CITY MUSICAL AND THEATRICAL PRODUCTION TAX  CREDIT  DO  NOT
 EXCEED THE AGGREGATE AMOUNT OF CREDITS ALLOWED IN A GIVEN CALENDAR YEAR,
 SUCH  REMAINING  AMOUNTS SHALL BE ADDED TO THE AMOUNT OF CREDITS ALLOWED
 IN PARAGRAPH ONE OF SUBDIVISION (E) OF THIS SECTION FOR THE  IMMEDIATELY
 FOLLOWING CALENDAR YEAR.
   (G)  ANY  QUALIFIED  NEW  YORK  CITY MUSICAL AND THEATRICAL PRODUCTION
 COMPANY THAT PERFORMS IN A QUALIFIED NEW YORK CITY  PRODUCTION  FACILITY
 AND APPLIES TO RECEIVE A CREDIT UNDER THIS SECTION SHALL BE REQUIRED TO:
   (1)  PARTICIPATE  IN  A NEW YORK STATE DIVERSITY AND ARTS JOB TRAINING
 PROGRAM, WHICH MAY INCLUDE THE BROADWAY LEAGUE'S DIVERSITY AND INCLUSION
 FELLOWSHIP PROGRAM; (2) CREATE AND IMPLEMENT A PLAN TO ENSURE THAT THEIR
 PRODUCTION IS AVAILABLE AND ACCESSIBLE FOR LOW OR NO-COST TO LOW  INCOME
 NEW  YORKERS; AND (3) CONTRIBUTE TO THE NEW YORK STATE ARTS AND CULTURAL
 PROGRAMS FUND AN AMOUNT  UP  TO  FIFTY  PERCENT  OF  THE  TOTAL  CREDITS
 RECEIVED  IF  SUCH  PRODUCTION COMPANY EARNS REVENUE PROSPECTIVELY AFTER
 RECEIPT OF THE CREDIT THAT IS AT LEAST EQUAL TO TWO HUNDRED  PERCENT  OF
 ITS  PRODUCTION COSTS, WITH SUCH AMOUNT PAYABLE FROM TWENTY-FIVE PERCENT
 OF NET OPERATING PROFITS, SUCH AMOUNTS PAYABLE ON A  MONTHLY  BASIS,  UP
 UNTIL  SUCH  FIFTY  PERCENT  OF  THE TOTAL CREDIT AMOUNT IS REACHED. ANY
 FUNDS DEPOSITED PURSUANT TO THIS SUBDIVISION SHALL BE USED FOR ARTS  AND
 CULTURAL  EDUCATIONAL  AND  WORKFORCE DEVELOPMENT PROGRAMS IN-SCHOOL AND
 COMMUNITY-BASED ORGANIZATIONS.

 S. 4862                             4
 
   § 2. Section 210-B of the tax law is amended by adding a new  subdivi-
 sion 57 to read as follows:
   57.  NEW  YORK  CITY MUSICAL AND THEATRICAL PRODUCTION TAX CREDIT. (A)
 ALLOWANCE OF CREDIT. A  TAXPAYER  SHALL  BE  ALLOWED  A  CREDIT,  TO  BE
 COMPUTED  AS  PROVIDED IN SECTION TWENTY-FOUR-C OF THIS CHAPTER, AGAINST
 THE TAXES IMPOSED BY THIS ARTICLE.
   (B) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER  THIS  SUBDIVISION
 FOR  THE TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS
 THAN THE AMOUNT PRESCRIBED  IN  PARAGRAPH  (D)  OF  SUBDIVISION  ONE  OF
 SECTION TWO HUNDRED TEN OF THIS ARTICLE. HOWEVER, IF THE AMOUNT OF CRED-
 IT  ALLOWED  UNDER THIS SUBDIVISION FOR THE TAXABLE YEAR REDUCES THE TAX
 TO SUCH AMOUNT OR IF THE TAXPAYER OTHERWISE PAYS TAX BASED ON THE  FIXED
 DOLLAR  MINIMUM AMOUNT, ANY AMOUNT OF CREDIT THUS NOT DEDUCTIBLE IN SUCH
 TAXABLE YEAR 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.  PROVIDED,  HOWEVER,  THE  PROVISIONS  OF
 SUBSECTION (C) OF SECTION ONE  THOUSAND  EIGHTY-EIGHT  OF  THIS  CHAPTER
 NOTWITHSTANDING, NO INTEREST SHALL BE PAID THEREON.
   §  3. Section 606 of the tax law is amended by adding a new subsection
 (mmm) to read as follows:
   (MMM) NEW YORK CITY MUSICAL AND THEATRICAL PRODUCTION TAX CREDIT.  (1)
 ALLOWANCE OF CREDIT. A  TAXPAYER  SHALL  BE  ALLOWED  A  CREDIT,  TO  BE
 COMPUTED  AS  PROVIDED IN SECTION TWENTY-FOUR-C OF THIS CHAPTER, AGAINST
 THE TAX IMPOSED BY THIS ARTICLE.
   (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT  ALLOWED  UNDER
 THIS SUBSECTION FOR THE TAXABLE YEAR EXCEEDS THE TAXPAYER'S TAX FOR SUCH
 YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDIT-
 ED  OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED
 EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE
 PAID THEREON.
   § 4. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
 of  the  tax  law  is amended by adding a new clause (xlviii) to read as
 follows:
   (XLVIII) NEW YORK CITY MUSICAL     AMOUNT OF CREDIT UNDER
   AND THEATRICAL PRODUCTION          SUBDIVISION FIFTY-SEVEN OF
   TAX CREDIT                         SECTION TWO HUNDRED TEN-B
   § 5.  The state finance law is amended by adding a new  section  99-ii
 to read as follows:
   §  99-II.  NEW YORK STATE ARTS AND CULTURAL PROGRAMS FUND. 1. THERE IS
 HEREBY ESTABLISHED IN THE JOINT CUSTODY OF  THE  STATE  COMPTROLLER  AND
 COMMISSIONER  OF  TAXATION AND FINANCE A SPECIAL FUND TO BE KNOWN AS THE
 "NEW YORK STATE ARTS AND CULTURAL PROGRAMS FUND".
   2. SUCH FUND SHALL CONSIST OF ALL  REVENUES  RECEIVED  BY  THE  STATE,
 PURSUANT  TO  THE PROVISIONS OF SECTION TWENTY-FOUR-C OF THE TAX LAW AND
 ALL OTHER MONEYS APPROPRIATED THERETO FROM  ANY  OTHER  FUND  OR  SOURCE
 PURSUANT  TO  LAW.  NOTHING  CONTAINED IN THIS SECTION SHALL PREVENT THE
 STATE FROM RECEIVING GRANTS, GIFTS OR BEQUESTS FOR THE PURPOSES  OF  THE
 FUND  AS  DEFINED  IN  THIS  SECTION  AND  DEPOSITING THEM INTO THE FUND
 ACCORDING TO LAW.
   3. ON OR BEFORE THE FIRST DAY OF FEBRUARY  TWO  THOUSAND  TWENTY-FOUR,
 THE  COMMISSIONER  OF  EDUCATION  SHALL  PROVIDE A WRITTEN REPORT TO THE
 TEMPORARY PRESIDENT OF THE SENATE, THE  SPEAKER  OF  THE  ASSEMBLY,  THE
 CHAIR  OF  THE  SENATE FINANCE COMMITTEE, THE CHAIR OF THE ASSEMBLY WAYS
 AND MEANS COMMITTEE, THE CHAIR OF THE SENATE COMMITTEE  ON  HEALTH,  THE
 CHAIR  OF  THE  ASSEMBLY HEALTH COMMITTEE, THE STATE COMPTROLLER AND THE

 S. 4862                             5
 
 PUBLIC. SUCH REPORT SHALL INCLUDE  HOW  THE  MONIES  OF  THE  FUND  WERE
 UTILIZED DURING THE PRECEDING CALENDAR YEAR, AND SHALL INCLUDE:
   (A)  THE AMOUNT OF MONEY DISBURSED FROM THE FUND AND THE AWARD PROCESS
 USED FOR SUCH DISBURSEMENTS;
   (B) RECIPIENTS OF AWARDS FROM THE FUND;
   (C) THE AMOUNT AWARDED TO EACH;
   (D) THE PURPOSES FOR WHICH SUCH AWARDS WERE GRANTED; AND
   (E) A SUMMARY FINANCIAL PLAN FOR SUCH MONIES WHICH SHALL INCLUDE ESTI-
 MATES OF ALL RECEIPTS AND ALL DISBURSEMENTS FOR THE CURRENT AND SUCCEED-
 ING  FISCAL YEARS, ALONG WITH THE ACTUAL RESULTS FROM  THE  PRIOR FISCAL
 YEAR.
   4. MONEYS SHALL BE PAYABLE FROM THE FUND ON THE AUDIT AND  WARRANT  OF
 THE  COMPTROLLER  ON VOUCHERS APPROVED AND CERTIFIED BY THE COMMISSIONER
 OF EDUCATION.
   5. THE MONEYS IN SUCH FUND  SHALL  BE  EXPENDED  FOR  THE  PURPOSE  OF
 SUPPLEMENTING  ART  AND  CULTURAL  PROGRAMS FOR SECONDARY AND ELEMENTARY
 CHILDREN, INCLUDING PROGRAMS THAT INCREASE ACCESS TO  ART  AND  CULTURAL
 PROGRAMS AND EVENTS FOR CHILDREN IN UNDERSERVED COMMUNITIES.
   § 6. This act shall take effect immediately and shall apply to taxable
 years  beginning  on  or  after January 1, 2021, provided, however, that
 this act shall expire and be deemed repealed 8 years after  such  effec-
 tive date.

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Senate Bill S4862

Sponsored By

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

2021-S4862 (ACTIVE) - Details

2021-S4862 (ACTIVE) - Summary

2021-S4862 (ACTIVE) - Sponsor Memo

2021-S4862 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S4862

Share this bill

Sponsored By

Brad Hoylman-Sigal

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

2021-S4862 (ACTIVE) - Details

2021-S4862 (ACTIVE) - Summary

2021-S4862 (ACTIVE) - Sponsor Memo

2021-S4862 (ACTIVE) - Bill Text download pdf

Comments