* § 31. Empire state film post production credit. (a) Allowance of
credit. (1) A taxpayer which is a qualified film production company, and
which is subject to tax under article nine-A or twenty-two of this
chapter, unless eligible for the credit under section twenty-four of
this article with respect to the qualified film, shall be allowed a
credit against such tax, pursuant to the provisions referenced in
subdivision (c) of this section to be computed as provided in this
subdivision.

(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 thirty
percent and the qualified post production costs paid in the production
of a qualified film at a qualified post production facility located
within the metropolitan commuter transportation district as defined in
section twelve hundred sixty-two of the public authorities law or
thirty-five percent and the qualified post production costs paid in the
production of a qualified film at a qualified post production facility
located elsewhere in the state.

(3) (i) A taxpayer shall not be eligible for the credit established by
this section for qualified post production costs, excluding the costs
for visual effects and animation, unless the qualified post production
costs, excluding the costs for visual effects and animation, at a
qualified post production facility meet or exceed one million dollars or
seventy-five percent of the total post production costs, excluding the
costs for visual effects and animation, paid or incurred in the post
production of the qualified film at any post production facility,
whichever is less. (ii) A taxpayer shall not be eligible for the credit
established by this section for qualified post production costs which
are costs for visual effects or animation unless the qualified post
production costs for visual effects or animation at a qualified post
production facility meet or exceed five hundred thousand dollars or ten
percent of the total post production costs for visual effects or
animation paid or incurred in the post production of a qualified film at
any post production facility, whichever is less. (iii) A taxpayer may
claim a credit for qualified post production costs excluding the costs
for visual effects and animation, and for qualified post production
costs of visual effects and animation, provided that the criteria in
subparagraphs (i) and (ii) of this paragraph are both satisfied. The
credit shall be allowed for the taxable year in which the production of
such qualified film is completed.

(4) No qualified post production costs used by a taxpayer either as
the basis for the allowance of the credit provided for under this
section or used in the calculation of the credit provided for under this
section shall be used by such taxpayer to claim any other credit allowed
pursuant to this chapter.

(5) If the amount of the credit is at least one million dollars but
less than five million dollars, the credit shall be claimed over a two
year period beginning in the first taxable year in which the credit may
be claimed and in the next succeeding taxable year, with one-half of the
amount of credit allowed being claimed in each year. If the amount of
the credit is at least five million dollars, the credit shall be claimed
over a three year period beginning in the first taxable year in which
the credit may be claimed and in the next two succeeding taxable years,
with one-third of the amount of the credit allowed being claimed in each
year. Provided, however, in the case of a qualified film for which the
taxpayer filed an initial application on or after January first, two
thousand twenty-five, the credit shall be claimed for the taxable year
in which such qualified film is completed.

(6) For the period two thousand fifteen through two thousand
thirty-six, 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, composers, producers and performers, other than
background actors with no scripted lines) for services performed by
those individuals in one of the counties specified in this paragraph in
connection with the post production work on a qualified film with a
minimum budget of five hundred thousand dollars at a qualified post
production facility in one of the counties listed in this paragraph. 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, Sullivan, Tioga, Tompkins,
Ulster, Warren, Washington, Wayne, Wyoming, or Yates.

(b) Definitions. As used in this section the following terms shall
have the following meanings:

(1) "Qualified film production company" and "qualified film" shall
have the same meaning as are ascribed to such terms by section
twenty-four of this article.

(2) " Qualified production costs" means production of original content
for a qualified film employing traditional, emerging and new workflow
techniques used in post-production for picture, sound and music
editorial, rerecording and mixing, visual effects, graphic design,
original scoring, animation, and musical composition in the state; but
shall not include the editing of previously produced content for a
qualified film.

(3) "Post production facility" means a building and/or complex of
buildings and their improvements on which film are intended to be post
produced.

(4) "Qualified post production facility" means a post production
facility located in the state, engaged in finishing a qualified film.

(c) Notwithstanding any other provision of law to the contrary, the
aggregate amount of tax credits available under this section shall not
exceed the amounts allowed pursuant to paragraph four of subdivision (e)
of section twenty-four of this article and shall be allocated in the
same manner as provided for in paragraph one of subdivision (e) of
section twenty-four of this article.

(d) 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 32.

(2) article 22: section 606: subsection (qq).

(e) With regard to certificates of tax credit issued on or after
January first, two thousand twenty, the commissioner of economic
development shall reduce by one-quarter of one percent the amount of
credit allowed to a taxpayer and this reduced amount shall be reported
on a certificate of tax credit issued pursuant to this section and the
regulations promulgated by the commissioner of economic development to
implement this credit program. Such reductions in tax credit shall be
deposited into the empire state entertainment diversity job training
development fund as provided in subdivision (f) of section twenty-four
of this article.

(f) Credit recapture. If a certificate of tax credit issued by the
department of economic development pursuant to this section is revoked
by such department because the taxpayer does not meet the eligibility
requirements of this section, the amount of credit described in this
section and claimed by the taxpayer prior to that revocation shall be
added back to tax in the taxable year in which any such revocation
becomes final.

* NB There are 2 § 31's