What's happening
This bill extends the Empire State commercial production tax credit through tax years beginning before January 1, 2024.
Why it matters
Continues New York’s financial support for the commercial production industry. , which can help sustain jobs and economic activity related to TV, film, and advertising production within the state.
Maintains a strong incentive for commercial producers to choose New York over other states or countries. by requiring that at least 75% of certain production costs be spent within New York, potentially boosting local businesses and service providers.
Extending the credit could encourage long-term planning and investment. by production companies, as the industry can rely on this tax benefit for several more years, possibly attracting more permanent jobs and infrastructure development.
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Who cares
Qualified commercial production companies
The bill would extend the tax credit to taxable years beginning before January 1, 2024, rather than January 1, 2019.
Sole proprietors of qualified commercial production companies
The bill would extend their access to the credit against personal income taxes for the same additional taxable years.
New York commercial filming and recording businesses
The extended credit would retain the requirement that at least 75 percent of production costs, excluding post-production costs, be incurred in New York.
Headline styles
Extend Commercial Tax Credit
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Approval memo.20
- Signed chap.518
- Delivered to governor
- Returned to assembly
- Passed senateVote 60–2
- 3rd reading cal.2008
- Substituted for S8465
- Referred to rules
- Delivered to senate
- Passed assembly
- Ordered to third reading rules cal.194
- Rules report cal.194
Show 3 earlier actions
- Reported
- Reported referred to rules
- Referred to ways and means
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.
Extend Film Tax Credit
Senate Floor Calendar · Sponsor Martin J. Golden
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
10768
IN ASSEMBLY
May 17, 2018
Introduced by M. of A. MORELLE -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to extending the empire state commercial production tax credit
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Paragraph 1 of subdivision (a) of section 28 of the tax law, as amended by section 1 of part J of chapter 60 of the laws of 2016, is amended to read as follows:
(1) A taxpayer which is a qualified commercial production company, or which is a sole proprietor of a qualified commercial production company, and which is subject to tax under article nine-A or twenty-two of this chapter, shall be allowed a credit against such tax, pursuant to the provisions referenced in subdivision (c) of this section, to be computed as provided in this section. Provided, however, to be eligible for such credit, at least seventy-five percent of the production costs (excluding post production costs) paid or incurred directly and predominantly in the actual filming or recording of the qualified commercial must be costs incurred in New York state. The tax credit allowed pursuant to this section shall apply to taxable years beginning before January first, two thousand [nineteen] twenty-four.
§ 2. Paragraph (c) of subdivision 23 of section 210-B of the tax law, as amended by section 2 of part J of chapter 60 of the laws of 2016, is amended to read as follows:
(c) Expiration of credit. The credit allowed under this subdivision shall not be applicable to taxable years beginning on or after January first, two thousand [nineteen] twenty-four.
§ 3. Paragraph 1 of subsection (jj) of section 606 of the tax law, as amended by section 3 of part J of chapter 60 of the laws of 2016, is amended to read as follows:
(1) Allowance of credit. A taxpayer that is eligible pursuant to the provisions of section twenty-eight of this chapter shall be allowed a credit to be computed as provided in such section against the tax imposed by this article. The tax credit allowed pursuant to this section shall apply to taxable years beginning before January first, two thousand [nineteen] twenty-four.
§ 4. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15804-01-8
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.