S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7757
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 6, 2023
                                ___________
 
 Introduced by M. of A. WEINSTEIN -- (at request of the Governor) -- read
   once and referred to the Committee on Ways and Means
 
 AN  ACT  to  amend part D of chapter 59 of the laws of 2023 amending the
   tax law relating to the empire state film production  credit  and  the
   empire  state film post-production credit, in relation to the applica-
   tion of such provisions; and to amend the tax law, in relation to  the
   claiming of credits under the empire state film product credit
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 10 of part D of chapter 59  of  the  laws  of  2023
 amending the tax law relating to the empire state film production credit
 and  the empire state film post-production credit, is amended to read as
 follows:
   § 10. This act shall take effect immediately [and]; PROVIDED, HOWEVER,
 THAT SECTIONS ONE, TWO, TWO-A, THREE, FOUR, FIVE,  FIVE-A,  EIGHT,  NINE
 AND  NINE-A  OF THIS ACT shall apply to initial applications received on
 or after April 1, 2023; FURTHER provided, however, that  the  amendments
 to  paragraph  4 of subdivision (e) of section 24 of the tax law made by
 section six of this act shall take effect on the same date  and  in  the
 same manner as section 6 of chapter 683 of the laws of 2019, as amended,
 takes effect.
   §  2.  Paragraph 4 of subdivision (e) of section 24 of the tax law, as
 amended by section 6 of part D of chapter 59 of the  laws  of  2023,  is
 amended to read as follows:
   (4) Additional pool 2 - The aggregate amount of tax credits allowed in
 subdivision (a) of this section shall be increased by an additional four
 hundred twenty million dollars in each year starting in two thousand ten
 through two thousand twenty-three and seven hundred million dollars each
 year  starting  in two thousand twenty-four through two thousand thirty-
 four, provided however, seven million dollars of the  annual  allocation
 shall  be  available  for  the  empire state film post production credit
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD12016-02-3
              

 A. 7757                             2
 
 pursuant to section thirty-one of this article in two thousand  thirteen
 and  two  thousand  fourteen,  twenty-five million dollars of the annual
 allocation shall be available for the empire state film post  production
 credit  pursuant  to  section  thirty-one  of  this article in each year
 starting in two thousand fifteen through two thousand twenty-three,  and
 forty-five  million  dollars of the annual allocation shall be available
 for the empire state film post production  credit  pursuant  to  section
 thirty-one  of  this article in each year starting in two thousand twen-
 ty-four through two thousand thirty-four. Provided further, five million
 dollars of the annual allocation shall be made available for  the  tele-
 vision  writers'  and  directors'  fees  and salaries credit pursuant to
 section twenty-four-b of this article in each year starting in two thou-
 sand twenty through two thousand thirty-four. This amount shall be allo-
 cated by the department  of  economic  development  among  taxpayers  in
 accordance  with subdivision (a) of this section. If the commissioner of
 economic development determines that the aggregate amount of tax credits
 available from additional pool 2 for the empire  state  film  production
 tax credit have been previously allocated, and determines that the pend-
 ing applications from eligible applicants for the empire state film post
 production  tax credit pursuant to section thirty-one of this article is
 insufficient to utilize the balance of  unallocated  empire  state  film
 post  production  tax  credits from such pool, the remainder, after such
 pending applications are considered, shall be made available  for  allo-
 cation  in  the  empire  state film tax credit pursuant to this section,
 subdivision twenty of section two hundred ten-B and subsection  (gg)  of
 section  six  hundred  six of this chapter. Also, if the commissioner of
 economic development determines that the aggregate amount of tax credits
 available from  additional  pool  2  for  the  empire  state  film  post
 production  tax  credit  have  been previously allocated, and determines
 that the pending applications from eligible applicants  for  the  empire
 state  film  production  tax credit pursuant to this section is insuffi-
 cient to utilize the balance of unallocated film production tax  credits
 from  such  pool,  then all or part of the remainder, after such pending
 applications are considered, shall be made available for allocation  for
 the  empire  state film post production credit pursuant to this section,
 subdivision thirty-two of section two hundred ten-B and subsection  (qq)
 of  section  six hundred six of this chapter. The department of economic
 development must notify taxpayers of their allocation year  and  include
 the allocation year on the certificate of tax credit. Taxpayers eligible
 to  claim  a  credit  must  report the allocation year directly on their
 empire state film production credit tax form for each year a  credit  is
 claimed and include a copy of the certificate with their tax return.  IN
 THE  CASE OF A QUALIFIED FILM THAT RECEIVES FUNDS FROM ADDITIONAL POOL 2
 WHERE THE TAXPAYER FILED AN INITIAL APPLICATION BEFORE APRIL FIRST,  TWO
 THOUSAND  TWENTY-THREE,  NO EMPIRE STATE FILM PRODUCTION CREDIT SHALL BE
 CLAIMED BEFORE THE LATER OF (1) THE TAXABLE YEAR THE PRODUCTION  OF  THE
 QUALIFIED  FILM IS COMPLETE, OR (2) THE TAXABLE YEAR IMMEDIATELY FOLLOW-
 ING THE ALLOCATION YEAR FOR WHICH THE FILM HAS BEEN ALLOCATED CREDIT  BY
 THE  DEPARTMENT OF ECONOMIC DEVELOPMENT. In the case of a qualified film
 that receives funds from additional pool 2 WHERE THE TAXPAYER  FILED  AN
 INITIAL  APPLICATION ON OR AFTER APRIL FIRST, TWO THOUSAND TWENTY-THREE,
 no empire state film production credit shall be claimed before the later
 of (1) the  taxable  year  the  production  of  the  qualified  film  is
 complete,  or  (2)  the  taxable  year that includes the last day of the
 allocation year for which the film has  been  allocated  credit  by  the
 department of economic development.
 A. 7757                             3
 
   §  3.  Paragraph 4 of subdivision (e) of section 24 of the tax law, as
 amended by section 7 of part D of chapter 59 of the  laws  of  2023,  is
 amended to read as follows:
   (4) Additional pool 2 - The aggregate amount of tax credits allowed in
 subdivision (a) of this section shall be increased by an additional four
 hundred twenty million dollars in each year starting in two thousand ten
 through  two  thousand twenty-three and seven hundred million dollars in
 each year starting in two  thousand  twenty-four  through  two  thousand
 thirty-four, provided however, seven million dollars of the annual allo-
 cation  shall  be  available  for  the empire state film post production
 credit pursuant to section thirty-one of this article  in  two  thousand
 thirteen  and  two thousand fourteen, twenty-five million dollars of the
 annual allocation shall be available for  the  empire  state  film  post
 production credit pursuant to section thirty-one of this article in each
 year starting in two thousand fifteen through two thousand twenty-three,
 and  forty-five million dollars of the annual allocation shall be avail-
 able for the empire  state  film  post  production  credit  pursuant  to
 section thirty-one of this article in each year starting in two thousand
 twenty-four through two thousand thirty-four. This amount shall be allo-
 cated  by  the  department  of  economic  development among taxpayers in
 accordance with subdivision (a) of this section. If the commissioner  of
 economic development determines that the aggregate amount of tax credits
 available  from  additional  pool 2 for the empire state film production
 tax credit have been previously allocated, and determines that the pend-
 ing applications from eligible applicants for the empire state film post
 production tax credit pursuant to section thirty-one of this article  is
 insufficient  to  utilize  the  balance of unallocated empire state film
 post production tax credits from such pool, the  remainder,  after  such
 pending  applications  are considered, shall be made available for allo-
 cation in the empire state film tax credit  pursuant  to  this  section,
 subdivision  twenty  of section two hundred ten-B and subsection (gg) of
 section six hundred six of this chapter. Also, if  the  commissioner  of
 economic development determines that the aggregate amount of tax credits
 available  from  additional  pool  2  for  the  empire  state  film post
 production tax credit have been  previously  allocated,  and  determines
 that  the  pending  applications from eligible applicants for the empire
 state film production tax credit pursuant to this  section  is  insuffi-
 cient  to utilize the balance of unallocated film production tax credits
 from such pool, then all or part of the remainder,  after  such  pending
 applications  are considered, shall be made available for allocation for
 the empire state film post production credit pursuant to  this  section,
 subdivision  thirty-two of section two hundred ten-B and subsection (qq)
 of section six hundred six of this chapter. The department  of  economic
 development  must  notify taxpayers of their allocation year and include
 the allocation year on the certificate of tax credit. Taxpayers eligible
 to claim a credit must report the  allocation  year  directly  on  their
 empire  state  film production credit tax form for each year a credit is
 claimed and include a copy of the certificate with their tax return.  IN
 THE CASE OF A QUALIFIED FILM THAT RECEIVES FUNDS FROM ADDITIONAL POOL  2
 WHERE  THE TAXPAYER FILED AN INITIAL APPLICATION BEFORE APRIL FIRST, TWO
 THOUSAND TWENTY-THREE, NO EMPIRE STATE FILM PRODUCTION CREDIT  SHALL  BE
 CLAIMED  BEFORE  THE LATER OF (1) THE TAXABLE YEAR THE PRODUCTION OF THE
 QUALIFIED FILM IS COMPLETE, OR (2) THE TAXABLE YEAR IMMEDIATELY  FOLLOW-
 ING  THE ALLOCATION YEAR FOR WHICH THE FILM HAS BEEN ALLOCATED CREDIT BY
 THE DEPARTMENT OF ECONOMIC DEVELOPMENT. In the case of a qualified  film
 that  receives  funds from additional pool 2 WHERE THE TAXPAYER FILED AN
 A. 7757                             4
 
 INITIAL APPLICATION ON OR AFTER APRIL FIRST, TWO THOUSAND  TWENTY-THREE,
 no empire state film production credit shall be claimed before the later
 of  (1)  the  taxable  year  the  production  of  the  qualified film is
 complete,  or  (2)  the  taxable  year that includes the last day of the
 allocation year for which the film has  been  allocated  credit  by  the
 department of economic development.
   §  4.  This  act  shall take effect immediately and shall be deemed to
 have been in full force and effect on and after the  effective  date  of
 part  D  of  chapter 59 of the laws of 2023; provided, however, that the
 amendments made to paragraph 4 of subdivision (e) of section 24  of  the
 tax  law  made  by section two of this act shall take effect on the same
 date and in the same manner as section 6 of chapter 683 of the  laws  of
 2019, as amended, takes effect.