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Who cares
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Sponsors
1 Co-sponsor
History
- Recommit, enacting clause stricken
- Referred to investigations and government operations
- Committed to rules
- Advanced to third reading
- 2nd report cal.
- 1st report cal.550
- Reported and committed to finance
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to the commercial production credit
Purpose or general idea of bill
To provide clarification for the measuring standards applicable to the growth credit and to amend the definition of production costs to include various techniques used in the industry.
Summary of specific provisions
Section one of the bill makes two amendments to section 28 of the tax law.
First, the bill clarifies the measuring standards to access the "growth credit" available to the qualified production companies as part of the empire state commercial production credit.
Second, the bill amends the definition of production costs so that various production techniques shall be deemed qualified production costs.
Section two of the bill provides the effective date.
Justification
This technical amendment to the tax credit provides clarification of measuring standards and in the definition of qualified production costs.
The measuring standards are clarified to guide the calculation used by qualified production companies to access the "growth credit" as part of the empire state commercial production credit.
The definition of qualified production costs is clarified to clearly include certain production techniques that are used in commercial production within the eligible qualified production costs.
Fiscal implications
EFFECTIVE DATE : This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.