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History
- Print number 4549a
- Amend and recommit to investigations and government operations
- 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
Title of bill
An act to amend the tax law, in relation to the creation of the empire state music production credit
Purpose or general idea of bill
Relates to the creation of the empire state music production tax credit.
Summary of specific provisions
The tax law is amended by adding a new section 42.
Section 210-B of the tax law is amended by adding a new subdivision 49. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 of the tax law is amended by adding a new clause (xli).
Section 606 of the Tax Law is amended by adding a new subsection (ccc).
Justification
The music industry in New York State continues to drive the creative economy to new post-recession heights. Other states have taken notice. Georgia, Tennessee and Louisiana have passed legislation that would provide production tax credits and incentives. Provinces in Canada have also introduced production tax credits. New York artists are increasingly faced with a choice of producing their music locally or traveling to other places in search of more affordable production services.
A production tax credit will provide a strong stimulus to New York's music industry statewide. The tax credit will promote hiring in all areas of the music industry. It will also encourage out of state artists to create works "Made in New York".
Prior legislative history
A.8702 of 2014
Fiscal implications
To be determined
Effective date
This act shall take effect on the one hundred eightieth day after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.