S T A T E O F N E W Y O R K
________________________________________________________________________
23
2023-2024 Regular Sessions
I N A S S E M B L Y
(PREFILED)
January 4, 2023
___________
Introduced by M. of A. MAGNARELLI -- read once and referred to the
Committee on Ways and Means
AN ACT to amend the tax law, in relation to increasing the amount of the
taxpayer 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 5 of subdivision (a) of section 24 of the tax
law, as amended by section 2 of part M of chapter 59 of the laws of
2022, is amended to read as follows:
(5) For the period two thousand fifteen through two thousand twenty-
nine, in addition to the amount of credit established in paragraph two
of this subdivision, a taxpayer shall be allowed a credit equal to the
product (or pro rata share of the product, in the case of a member of a
partnership) of ten percent and the amount of wages or salaries paid to
individuals directly employed (excluding those employed as writers,
directors, music directors, producers and performers, including back-
ground actors with no scripted lines) by a qualified film production
company or a qualified independent film production company for services
performed by those individuals in one of the counties specified in this
paragraph in connection with a qualified film with a minimum budget of
five hundred thousand dollars. For purposes of this additional credit,
the services must be performed in one or more of the following counties:
Albany, Allegany, Broome, Cattaraugus, Cayuga, Chautauqua, Chemung,
Chenango, Clinton, Columbia, Cortland, Delaware, Dutchess, Erie, Essex,
Franklin, Fulton, Genesee, Greene, Hamilton, Herkimer, Jefferson, Lewis,
Livingston, Madison, Monroe, Montgomery, Niagara, Oneida, Onondaga,
Ontario, Orange, Orleans, Oswego, Otsego, Putnam, Rensselaer, Saratoga,
Schenectady, Schoharie, Schuyler, Seneca, St. Lawrence, Steuben, Sulli-
van, Tioga, Tompkins, Ulster, Warren, Washington, Wayne, Wyoming, or
Yates. The aggregate amount of tax credits allowed pursuant to the
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00253-01-3
A. 23 2
authority of this paragraph shall be [five] FIFTEEN million dollars each
year during the period two thousand fifteen through two thousand twen-
ty-nine of the annual allocation made available to the program pursuant
to paragraph four of subdivision (e) of this section. Such aggregate
amount of credits shall be allocated by the governor's office for motion
picture and television development among taxpayers in order of priority
based upon the date of filing an application for allocation of film
production credit with such office. If the total amount of allocated
credits applied for under this paragraph in any year exceeds the aggre-
gate amount of tax credits allowed for such year under this paragraph,
such excess shall be treated as having been applied for on the first day
of the next year. If the total amount of allocated tax credits applied
for under this paragraph at the conclusion of any year is less than
[five] FIFTEEN million dollars, the remainder shall be treated as part
of the annual allocation made available to the program pursuant to para-
graph four of subdivision (e) of this section. However, in no event may
the total of the credits allocated under this paragraph and the credits
allocated under paragraph five of subdivision (a) of section thirty-one
of this article, AS ADDED BY SECTION TWELVE OF PART Q OF CHAPTER FIFTY-
SEVEN OF THE LAWS OF TWO THOUSAND TEN, exceed [five] FIFTEEN million
dollars in any year during the period two thousand fifteen through two
thousand twenty-nine.
§ 2. This act shall take effect April 1, 2024.