S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1277
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 11, 2019
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 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  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Paragraph  1  of subdivision (a) of section 28 of the tax
 law, as amended by a chapter of the laws of 2018, amending the  tax  law
 relating to extending the empire state commercial production tax credit,
 as  proposed  in  legislative  bills  numbers  A.  10768 and S. 8465, 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 [twenty-four] TWENTY.
   § 2. Paragraph (c) of subdivision 23 of section 210-B of the tax  law,
 as amended by a chapter of the laws of 2018, amending the tax law relat-
 ing  to  extending the empire state commercial production tax credit, as
 proposed in legislative bills numbers A. 10768 and S. 8465,  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 [twenty-four] TWENTY.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD07035-01-9

 S. 1277                             2
 
   §  3. Paragraph 1 of subsection (jj) of section 606 of the tax law, as
 amended by a chapter of the laws of 2018, amending the tax law  relating
 to  extending  the  empire  state  commercial  production tax credit, as
 proposed in legislative bills numbers A. 10768 and S. 8465,  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  thou-
 sand [twenty-four] TWENTY.
   §  4.  This  act  shall  take  effect on the same date and in the same
 manner as a chapter of the laws of 2018, amending the tax  law  relating
 to  extending  the  empire  state  commercial  production tax credit, as
 proposed in legislative bills  numbers  A.  10768  and  S.  8465,  takes
 effect.