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Companion bill
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Authorizes additional tax credits for certain costs incurred in film and television productions in N.Y. city
In Assembly Committee · Ways And Means · Sponsor Joseph Lentol
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 and part P of chapter 60 of the laws of 2004, amending the tax law relating to the empire state film production credit, in relation to authorizing additional tax credits for certain costs incurred in film and television productions in a city having a population of one million or more
Purpose
This legislation would ensure the continued growth of the film production industry in New York City through 2011.
Summary of provisions
Section 1 amends adds a new definition of "qualified independent film production company" to tax law 51201-a(b). This section authorizes New York City to amend its General Corporation Tax ("GCT") and its Unincorporated Business Tax ("UBT").
Section 2 amends section 7(b)of part P of Chapter 60 of the Laws of 2004, to increase the aggregate amount of the tax credits allowed by the City of New York by an additional $24 million a year in 2009, 2010 and 2011. These new credits may not be claimed before taxable years beginning January 1, 2011, and payout in any year is capped at $24 million, with any amount in excess to be claimed in the subsequent year. There is an exception for qualified independent film production companies, which may claim credits up to $250,000 per qualified film in the taxable year in which film production is completed.
Justification
In the 2009-2010 State budget, the Empire State Film Production Credit program was provided an additional $350 million in State funding. That legislation did not apply to the New York City program, which has been enacted through the City's GCT and the UBT. This bill will secure funding for the New York City film production credit through 2011. Given the fiscal constraints facing the City, this legislation contains measures to enhance the effectiveness of the incentive and to better target the tax credit, and also defers the cost to the City of providing the additional credits to tax years beginning on or after January 1, 2011.
The City and State have taken important steps to provide incentives to the film and television industry, because it is an important contributor to the City's economy. The New York City's Mayor's Office of Film, Theatre & Broadcasting dramatically enhanced the range of services that it offers to the industry. Combined with the State credit, the New York City "Made in NY" film production tax credit, enacted in January 2005, has been a major success in attracting film and television production to New York City. Production spending or qualifying film and television projects increased significantly since 2004, accounting for an additional $5 billion in direct spending while providing thousands of additional jobs. These increases were evident in all production areas: feature films, independent films, television series and pilots.
Legislative history
New Legislation.
Fiscal implications
No new fiscal implications to the State.
Effective date
This act shall take effect immediately and shall apply to taxable years beginning on or after January 1, 2009.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.