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- Referred to cultural affairs, tourism, parks and recreation
- Referred to cultural affairs, tourism, parks and recreation
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Establishes an empire state film post production tax credit
In Assembly Committee · Ways And Means · Sponsor Steven Englebright
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 an empire state film post production tax credit and to amend the state finance law, in relation to establishing the New York state post production internship education and development program fund; and providing for the repeal of such provisions upon expiration thereof
Purpose or general idea of the bill
To establish the empire state film post production tax credit.
Summary of provisions
Section 1 amends the tax law by adding a new §29, establishing the post production tax credit. The credit shall be 10% of qualified post production costs. The section also defines relevant terms.
Sections 2-4 make appropriate changes to the tax law to establish the post production tax credit.
Section 5 amends the tax law to allow a city of one minion or more to elect to allow a post production tax credit.
Section 6 establishes the effective date.
Justification
The Empire State Film Tax Credit, which was adopted in 2004 and renewed in 2006, was an important step toward securing New York's place as a competitive force in the film industry now and in the future. According to the NYC Mayor's Office of Film, Theatre and Broadcasting, production days in the City increased from 14,898 in 2002 to 34,718 in 2006. While this revival of the industry has been a boon to the State and City of New York, a critical piece is missing - post-production. Film and television post-production is a vital economic revenue generator that, if properly Supported and encouraged, will result in even greater revenues to the State and City of New York. This work ranges from cutting-edge, high-tech editing and mixing to original scoring. While these are good jobs, they are also highly portable, and, in fact, post production is often shipped to other cities or countries. There are many examples of scoring work sent to London, or editing to Los Angeles even when production takes place in New York. By including post production in the vision of a thriving film industry in New York will be more complete, and New York will be better for it.
Legislative history
FISCAL IMPLICATIONS : To be determined.
Effective date
This act shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2010.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.