Assembly Bill A7926

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7926
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 15, 2025
                                ___________
 
 Introduced  by  M.  of  A.  P. CARROLL  -- read once and referred to the
   Committee on Ways and Means
 
 AN ACT to amend the tax law, in relation to the definition of film  zone
   and  the  exclusion  of the film zone from the additional 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 D of chapter  59  of  the  laws  of
 2023, is amended to read as follows:
   (5)  For  the period two thousand fifteen through two thousand thirty-
 four, in addition to the amount of credit established in  paragraph  two
 of  this  subdivision, a taxpayer shall be allowed a credit equal to (i)
 the product (or pro rata share of the product, in the case of  a  member
 of  a  partnership)  of  ten  percent  and  the wages, salaries or other
 compensation constituting qualified production costs as defined in para-
 graph two of subdivision  (b)  of  this  section,  paid  to  individuals
 directly  employed by a qualified film production company or a qualified
 independent film production company  for  services  performed  by  those
 individuals  in one of the counties OR AREAS specified in this paragraph
 in connection with a qualified  film  with  a  minimum  budget  of  five
 hundred thousand dollars, and (ii) the product (or pro rata share of the
 product,  in  the  case of a member of a partnership) of ten percent and
 the qualified production  costs  (excluding  wages,  salaries  or  other
 compensation)  paid  or  incurred  in the production of a qualified film
 where the property constituting  such  qualified  production  costs  was
 used, and the services constituting such qualified production costs were
 performed in any of the counties OR AREAS specified in this paragraph in
 connection  with  a qualified film with a minimum budget of five hundred
 thousand dollars where the majority of  principal  photography  shooting
 days  in the production of such film were shot in any of the counties OR
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00280-01-5
              

 A. 7926                             2
 
 AREAS specified in this paragraph. Provided, however, that the aggregate
 total eligible qualified production costs constituting  wages,  salaries
 or other compensation, for writers, directors, composers, producers, and
 performers  shall not exceed forty percent of the aggregate sum total of
 all other qualified production costs.  For purposes of the  credit,  the
 services  must be performed and the property must be used in one or more
 of the following counties OR AREAS:  Albany, Allegany, Broome, Cattarau-
 gus, Cayuga, Chautauqua, Chemung, Chenango, Clinton, Columbia, Cortland,
 Delaware, Dutchess, Erie,  Essex,  Franklin,  Fulton,  Genesee,  Greene,
 Hamilton, Herkimer, Jefferson, Lewis, Livingston, Madison, Monroe, Mont-
 gomery,  Niagara,  Oneida,  Onondaga,  Ontario, Orange, Orleans, Oswego,
 Otsego, Putnam, Rensselaer, Saratoga, Schenectady, Schoharie,  Schuyler,
 Seneca,  St.  Lawrence,  Steuben,  Sullivan,  Tioga,  Tompkins,  Ulster,
 Warren, Washington, Wayne, Wyoming, [or] Yates, OR ANY AREA IN THE COUN-
 TIES OF ROCKLAND OR WESTCHESTER WHICH IS NOT LOCATED IN THE FILM ZONE AS
 DEFINED IN PARAGRAPH ELEVEN OF SUBDIVISION (B) OF THIS SECTION.
   § 2. Subdivision (b) of section 24 of the tax law is amended by adding
 a new paragraph 11 to read as follows:
   (11) "FILM ZONE" SHALL MEAN AN AREA WITHIN A TWENTY-FIVE  MILE  RADIUS
 OF COLUMBUS CIRCLE IN THE BOROUGH OF MANHATTAN.
   § 3. This act shall take effect immediately.