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Sponsors
Senator · Senate District 59
No co-sponsors yet.
History
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S498
Title of bill
An act to amend the tax law, in relation to amending the empire state film production credit
Purpose
This bill will more effectively encourage film production in New York State by increasing the tax credit percentage for films produced farther from New York City.
Summary of provisions
Section 1. Amends paragraph (2) of subdivision (a) of section 24 of the tax law, as amended by section 4 of part Q of chapter 57 of the laws of 2010 by increasing the tax credit in five percent increments, as production takes place away from New York City, over three steps, until the tax credit maxes out at forty-five percent
Section 2. Effective date.
Existing law
Paragraph (2) of subdivision (a) of section 24 of the tax law provides a tax credit of thirty percent of qualified costs for films produced in New York State, regardless of where the film is produced in the state.
Justification
The current Empire State film production credit does not effectively encourage film production in New York State. Undoubtedly some films would be produced regardless of the tax credits. However, the tax credit has its greatest effect on films produced outside of New York City. Because necessary film crews are based in New York City, the costs of moving and housing these crews to other areas in the State increase proportionally with the distance from New York City. In order to encourage more films to be produced in the various regions of the state, the tax credit must be graduated to account for the increased costs of filming in these locations. This bill achieves that by increasing the tax credit in five percent increments, as production takes place away from New York city, over three steps, until the tax credit maxes out at forty-five percent. Because the total allocation to the film production credit remains unchanged, this bill does not require any additional state funding in order to increase the number of films being produced in New York State.
Legislative history
New Bill.
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.