Assembly Bill A5003A

2023-2024 Legislative Session

Extends and enhances the empire state film production credit and the empire state film post production credit

download bill text pdf

Sponsored By

Current Bill Status - In Assembly 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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Bill Amendments

co-Sponsors

2023-A5003 - Details

See Senate Version of this Bill:
S4832
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§24 & 31, Tax L

2023-A5003 - Summary

Extends and enhances the empire state film production credit and the empire state film post production credit.

2023-A5003 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5003
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 27, 2023
                                ___________
 
 Introduced  by M. of A. BARRETT -- read once and referred to the Commit-
   tee on Ways and Means
 
 AN ACT to amend the tax law,  in  relation  to  the  empire  state  film
   production credit and the empire state film post production credit
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1.  Paragraph 2 of subdivision (a) of section 24  of  the  tax
 law,  as  separately amended by sections 1 and 2 of part M of chapter 59
 of the laws of 2020, is amended to read as follows:
   (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] THIRTY percent, OR THIRTY-FIVE PERCENT IN THE CASE OF AN  ELIGIBLE
 RELOCATED  TELEVISION SERIES, and the qualified production costs paid or
 incurred in the production of a qualified film, provided that:  (i)  the
 qualified  production  costs  (excluding  post production costs) paid or
 incurred which are attributable to the use of tangible property  or  the
 performance  of  services at a qualified film production facility in the
 production of such qualified film equal or exceed  seventy-five  percent
 of  the  production  costs  (excluding  post  production  costs) paid or
 incurred which are attributable to the use of tangible property  or  the
 performance of services at any film production facility within and with-
 out  the state in the production of such qualified film, and (ii) except
 with respect to a  qualified  independent  film  production  company  or
 pilot,  at least ten percent of the total principal photography shooting
 days spent in the production of such qualified film must be spent  at  a
 qualified film production facility. However, if the qualified production
 costs  (excluding  post  production costs) which are attributable to the
 use of tangible property or the performance of services at  a  qualified
 film  production  facility  in  the production of such qualified film is
 less than three million dollars,  then  the  portion  of  the  qualified
 production  costs  attributable  to  the use of tangible property or the
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09509-01-3
              

co-Sponsors

2023-A5003A (ACTIVE) - Details

See Senate Version of this Bill:
S4832
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§24 & 31, Tax L

2023-A5003A (ACTIVE) - Summary

Extends and enhances the empire state film production credit and the empire state film post production credit.

2023-A5003A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5003--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 27, 2023
                                ___________
 
 Introduced  by M. of A. BARRETT, MAGNARELLI -- read once and referred to
   the Committee on Ways and Means -- committee discharged, bill amended,
   ordered reprinted as amended and recommitted to said committee
 
 AN ACT to amend the tax law,  in  relation  to  the  empire  state  film
   production credit and the empire state film post production credit

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1.  Paragraph 2 of subdivision (a) of section 24  of  the  tax
 law,  as  separately amended by sections 1 and 2 of part M of chapter 59
 of the laws of 2020, is amended to read as follows:
   (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] THIRTY percent, OR THIRTY-FIVE PERCENT IN THE CASE OF AN  ELIGIBLE
 RELOCATED  TELEVISION SERIES, and the qualified production costs paid or
 incurred in the production of a qualified film, provided that:  (i)  the
 qualified  production  costs  (excluding  post production costs) paid or
 incurred which are attributable to the use of tangible property  or  the
 performance  of  services at a qualified film production facility in the
 production of such qualified film equal or exceed  seventy-five  percent
 of  the  production  costs  (excluding  post  production  costs) paid or
 incurred which are attributable to the use of tangible property  or  the
 performance of services at any film production facility within and with-
 out  the state in the production of such qualified film, and (ii) except
 with respect to a  qualified  independent  film  production  company  or
 pilot,  at least ten percent of the total principal photography shooting
 days spent in the production of such qualified film must be spent  at  a
 qualified film production facility. However, if the qualified production
 costs  (excluding  post  production costs) which are attributable to the
 use of tangible property or the performance of services at  a  qualified
 film  production  facility  in  the production of such qualified film is
 less than three million dollars,  then  the  portion  of  the  qualified
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09509-03-3
              

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