Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to investigations and government operations |
Jun 15, 2009 |
print number 2724a |
Jun 15, 2009 |
amend (t) and recommit to investigations and government operations |
Feb 27, 2009 |
referred to investigations and government operations |
Senate Bill S2724
2009-2010 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Bill Amendments
co-Sponsors
(R, C, IP) Senate District
(R, C, IP, RFM) 24th Senate District
(R, C, IP) Senate District
2009-S2724 - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Taxation
- Laws Affected:
- Amd Part P §7, Chap 60 of 2004
2009-S2724 - Sponsor Memo
BILL NUMBER: S2724 TITLE OF BILL : An act to amend chapter 60 of the laws of 2004 amending the tax law relating to the empire state film production credit, in relation to aggregate amounts of tax credits PURPOSE : To eliminate the artificial cap on the empire state film production credit. The credit is capped, and the total amount of funds available under the cap has been allocated. The effect is as if New York had no film tax credit, since no one can access the credit. SUMMARY OF PROVISIONS : Amends subdivision (a) of section 7 of part P of chapter 60 of the laws of 2004, amending the tax law relating to the empire state film production credit, as amended by section 4 of part WW-1 of chapter 57 of the laws of 2008, to eliminate the cap on the film tax credit. JUSTIFICATION : The film tax credit has more than proved its worth, as demonstrated by the recent economic study from Ernst & Young. That study stated that New York jobs created and retained: 19,512jobs as a direct result of the credit, and that New York State and New York City have achieved a remarkable return-on-Investment (ROI of 1.90. The ROI estimates
2009-S2724 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2724 2009-2010 Regular Sessions I N S E N A T E February 27, 2009 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend chapter 60 of the laws of 2004 amending the tax law relating to the empire state film production credit, in relation to aggregate amounts of tax credits THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision (a) of section 7 of part P of chapter 60 of the laws of 2004, amending the tax law relating to the empire state film production credit, as amended by section 4 of part WW-1 of chapter 57 of the laws of 2008, is amended to read as follows: (a) The aggregate amount of tax credits allowed under section 24, subdivision 36 of section 210 and subsection (gg) of section 606 of the tax law in any calendar year shall be $25 million in 2004 and 2005, AND $60 million in 2006 and 2007[, $65 million in 2008, $75 million in 2009, $85 million in 2010, $90 million in 2011 and 2012, and $110 million in 2013]. THERE SHALL BE NO LIMIT ON THE TOTAL AMOUNT OF TAX CREDITS ALLOWED UNDER SECTION 24, SUBDIVISION 36 OF SECTION 210 AND SUBSECTION (GG) OF SECTION 606 OF THE TAX LAW FOR CALENDAR YEAR 2008 AND THEREAFTER. Such aggregate amount of credits shall be allocated by the governor's office for motion picture and television development among taxpayers in order of priority based upon the date of filing an applica- tion for allocation of film production credit with such office. If the total amount of allocated credits applied for in any particular year exceeds the aggregate amount of tax credits allowed for such year under this section, such excess shall be treated as having been applied for on the first day of the subsequent year. S 2. This act shall take effect immediately and shall apply to taxable years beginning on or after January 1, 2009 and shall apply to applica- tions filed on or after the date this act becomes a law; provided, EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07661-03-9
co-Sponsors
(R, C, IP) Senate District
(R, C, IP, RFM) 24th Senate District
(R, C, IP) Senate District
2009-S2724A (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Taxation
- Laws Affected:
- Amd Part P §7, Chap 60 of 2004
2009-S2724A (ACTIVE) - Sponsor Memo
BILL NUMBER: S2724A TITLE OF BILL : An act to amend the tax law, in relation to removing the cap on the aggregate amount of tax credits allowed pursuant to the empire state film production credit; and to amend chapter 60 of the laws of 2004 amending the tax law relating to the empire state film production credit, in relation to aggregate amounts of tax credits PURPOSE OR GENERAL IDEA OF BILL : To extend the NYS film tax credit through 2015. SUMMARY OF PROVISIONS : Section 1 Amends Subdivision (b) of section 24 of the tax law to add a definition of "Qualified independent film production company" as an entity not publicly traded, or owned by more than 5% by a publicly traded company. Section 2. Amends paragraph 2 of subdivision (a) of section 24 of the tax law is amended to remove the limitation on claiming from the new credits. Section 3. Adds a new section to section 7 of part P of chapter 60 of the laws of 2004, relating to the empire state film production credit, to add a new additional credit of $420 million a year in each year
2009-S2724A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2724--A 2009-2010 Regular Sessions I N S E N A T E February 27, 2009 ___________ Introduced by Sens. GOLDEN, DeFRANCISCO, LANZA, PADAVAN -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to removing the cap on the aggregate amount of tax credits allowed pursuant to the empire state film production credit; and to amend chapter 60 of the laws of 2004 amending the tax law relating to the empire state film production credit, in relation to aggregate amounts of tax credits THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision (b) of section 24 of the tax law is amended by adding a new paragraph 7 to read as follows: (7) "QUALIFIED INDEPENDENT FILM PRODUCTION COMPANY" IS AN INDIVIDUAL, OR A CORPORATION, PARTNERSHIP, LIMITED PARTNERSHIP, OR OTHER ENTITY THAT IS NOT PUBLICLY TRADED, AND PUBLICLY TRADED COMPANIES DO NOT OWN, DIRECTLY OR INDIRECTLY, MORE THAN FIVE PERCENT OF THE QUALIFIED INDE- PENDENT FILM PRODUCTION COMPANY AND THE ENTITY OR INDIVIDUAL IS PRINCI- PALLY ENGAGED IN THE PRODUCTION OF A QUALIFIED FILM AND CONTROLS THE QUALIFIED FILM DURING PRODUCTION. S 2. Paragraph 2 of subdivision (a) of section 24 of the tax law, as amended by section 1 of part Y-1 of chapter 57 of the laws of 2009, is amended to read as follows: (2) (I) The amount of the credit shall be the product (or pro rata share of the product, in the case of a member of a partnership) of thir- ty percent and the qualified production costs paid or incurred in the production of a qualified film, provided that the qualified production costs (excluding post production costs) paid or incurred which are attributable to the use of tangible property or the performance of services at a qualified film production facility in the production of EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07661-04-9
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