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Who cares
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Sponsors
3 Co-sponsors
History
- Referred to commerce, economic development and small business
- Referred to commerce, economic development and small business
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 excelsior jobs program for music production
Assembly Floor Calendar · Sponsor Joseph Lentol
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5450
Title of bill
An act to amend the economic development law, in relation to the excels- ior jobs program for music production; and to amend the tax law, in relation to the excelsior jobs program credit
Purpose
To create critical mass and jobs in the music industry
Summary of provisions
Section 1. Amends Section 351 of the economic development law, as added by part MM of chapter 59 of the laws of 2010, to add an intent section concerning the music tax credit.
Section 2 Amends Subdivision 11 of section 352 of the economic develop- ment law, to alter the definition of music production to eliminate the length requirement and to add music videos.
Section 3. Amends section 352 of the economic development law, by adding new definitions for "Music production project," "Eligible music production project," "Eligible production costs," "Music production entity," and others.
Section 4 Amends subdivision 3 of section 353 of the economic develop- ment law to require that a business entity to be eligible for the excelsior credit incur within the state at least $25,000 in eligible production costs within the Metropolitan Commuter Transportation District or at least $12,500 outside it.
Section 5. Amends subdivisions 5, 6 and 7 of section 355 of the economic development law to establish the credit at 25% of eligible costs in the Metropolitan Commuter Transportation District and 35% outside it, and make conforming amendments. Also adds 10% for costs related to emerging artists.
Sections 6 and 7. Amends section 31 of the tax law, to make conforming technical amendments.
Existing law
New bill.
Justification
The State budget in 2015 made a significant change to aid the music industry in New York, with the development of a music tax credit in the Excelsior program. Unfortunately, due to the nature of the music indus-
try, many of the excelsior provisions do not work. This measure makes changes to the new program to make it effective.
Fiscal implications
None, as it stays within the excelsior cap.
Effective date
Immediate.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.