What's happening
This bill extends the Empire State commercial production tax credit through tax years beginning before January 1, 2024.
Why it matters
Keeps New York competitive for commercial production jobs. By extending the tax credit, New York remains attractive to commercial production companies, helping to retain and attract businesses that might otherwise film in other states with similar incentives.
Supports local employment and businesses. The credit requires that at least 75% of certain production costs are incurred in New York, ensuring that money is spent locally on labor, vendors, and services, which can benefit a wide range of workers and small businesses.
Stabilizes planning for ongoing and future projects. Extending the credit through 2023 (tax years before 2024) provides certainty for companies making multi-year production and investment decisions, encouraging long-term commitments to New York.
Signals continued state support for the creative economy. The extension demonstrates that New York values the economic and cultural contributions of the advertising and media industries, which can influence broader perceptions of the state’s business climate.
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Extend Film Tax Credit
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Substituted by A10768
- Ordered to third reading cal.2008
- Committee discharged and committed to rules
- Referred to investigations and government operations
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 Commercial Tax Credit
Signed by Governor · Sponsor Joseph Morelle
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
8465
IN SENATE
May 8, 2018
Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations
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
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15804-01-8
S. 8465 2
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.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to extending the empire state commercial production tax credit
Purpose
This bill would extend the Empire State Commercial Production tax cred- it, as enumerated in section 28 of the Tax Law, until the end of calen- dar year 2023. The credit is scheduled to sunset for taxable years beginning before the end of 2018.
Summary of provisions
Section one of the bill extends the sunset for the qualified commercial production companies, currently scheduled in section 28 of the Tax Law for taxable years beginning before the January 1, 2019, until taxable years beginning on or after January 1, 2024.
Section 2 and 3 make corresponding extensions to the provisions Covering corporate franchise and personal income taxes.
Section 4 provides for an immediate effective date.
Justification
The Empire State Commercial Production tax credit is an essential compo- nent of maintaining a viable and expanding commercial advertising busi- ness in New York. Since the credit's enactment in 2006, commercial production activity in the State, after declining by more than 50 percent the previous ten years, has increased 60 percent.
Unfortunately, the credit is due to expire at the end of calendar year 2018. This bill will extend the credit for 5 years, and align its effec- tive period to the State's film production credit to send a strong signal of encouragement to firms considering doing commercials in New York.
Legislative history
The credit was last extended in Part J of Chapter 60 of the Laws of 2016, and before than in 2014, 2012, and 2009.
Fiscal implications
Incentives worth up to $7 million a year first to be paid during the 2020 taxable year.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.