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Who cares
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Sponsors
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History
- Substituted by A8018A
- Ordered to third reading cal.935
- Referred to rules
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.
Relates to the commercial production credit
Signed by Governor · Sponsor Joseph Morelle
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 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.