Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Apr 23, 2012 |
referred to investigations and government operations |
Senate Bill S7023
2011-2012 Legislative Session
Sponsored By
(D, WF) 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
2011-S7023 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A10153
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Taxation
- Laws Affected:
- Amd Part P ยง7, Chap 60 of 2004
- Versions Introduced in Other Legislative Sessions:
-
2013-2014:
S115
2015-2016: S1297
2017-2018: S430
2011-S7023 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7023 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 the aggregate annual amount of such credit against state taxes PURPOSE: Provides for an annual increase in the aggregate annual amount of empire state film production credits taken, based upon inflation SUMMARY OF PROVISIONS: Section 1 of the bill amends e 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 1 of part C of chapter 312 of the laws of 2010, to provide for an annual aggregate amount of the Empire State Film Credits that may be taken against state taxes in 2015 and beyond, based on an inflation adjusted calculation of the amount provided in the final funded year of 2014. Section 2 establishes the effective date. JUSTIFICATION: The Empire State Film Production Tax Credit has been an unqualified success for the State of New York, both culturally and financially. Despite the fact that New York's tax credit is significantly less gener-
2011-S7023 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7023 I N S E N A T E April 23, 2012 ___________ Introduced by Sen. PERALTA -- 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 the aggregate annual amount of such credit against state taxes THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision (e) 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 1 of part C of chapter 312 of the laws of 2010, is amended to read as follows: (e) Additional pool 2 - The aggregate amount of tax credits allowed in subdivision (a) of this section shall be increased by an additional $420 million in 2010, $420 million in 2011, $420 million in 2012, $420 million in 2013 [and], $420 million in 2014 AND THEREAFTER, EXCEPT THAT IN TAX YEARS AFTER 2014, SUCH AMOUNT SHALL BE ADJUSTED ANNUALLY ON THE FIRST OF JANUARY FOR INFLATION ACCORDING TO THE CONSUMER PRICE INDEX FOR ALL CONSUMERS, ALL ITEMS, NORTHEAST REGION, NOT SEASONALLY ADJUSTED, OF THE PREVIOUS YEAR, BUT IN NO EVENT SHALL SUCH AMOUNT BE LESS THAN $420 MILLION; provided however, $7 million of the annual allocation shall be available for the empire state film post production credit pursuant to section 31 of the tax law. This additional amount shall be allocated by the governor's office for motion picture and television development among taxpayers in accordance with subdivision (a) of this section. If the director of the governor's office for motion picture and television development determines that the aggregate amount of tax credits avail- able from additional pool 2 for the empire state film production tax credit have been previously allocated, and determines that the pending applications from eligible applicants for the post production tax credit pursuant to section 31 of the tax law is insufficient to utilize the balance of unallocated post production tax credits from such pool, the remainder, after such pending applications are considered, shall be made available for allocation in the empire state film tax credit pursuant to EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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