Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 14, 2014 |
referred to investigations and government operations |
Senate Bill S7398
2013-2014 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
2013-S7398 (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §24, Tax L
2013-S7398 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7398 TITLE OF BILL: An act to amend the tax law, in relation to the empire state film production credit PURPOSE: To encourage and support the growth of the film industry in New York State. SUMMARY OF PROVISIONS: Section one of the bill amends Section 24(b) of the Tax Law. The defi- nitions of "qualified production costs" and "production costs" are expanded to include the cost of constructing, equipping or expanding a film production facility within the State. Section two of the bill amends Section 24(e) of the Tax Law to provide that allocations of tax credits authorized from Additional Pool 2 shall give priority to applicants that plan to construct, equip or expand film production facilities within the state. The amendments further provide that if a taxpayer claims the credit allowed under this section, the taxpayer may not use such construction costs as the basis of any other credit allowed under this article. JUSTIFICATION:
2013-S7398 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7398 I N S E N A T E May 14, 2014 ___________ Introduced by Sen. FARLEY -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to the empire state film production credit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraphs 1 and 2 of subdivision (b) of section 24 of the tax law, paragraph 1 as amended by section 4 of part B of chapter 59 of the laws of 2013 and paragraph 2 as added by section 1 of part P of chapter 60 of the laws of 2004, are amended to read as follows: (1) "Qualified production costs" means production costs only to the extent such costs are attributable to the use of tangible property or the performance of services within the state directly and predominantly in the production (including pre-production and post production) of a qualified film AND THE COST OF CONSTRUCTING, EQUIPPING OR EXPANDING A FILM PRODUCTION FACILITY WITHIN THE STATE. (2) "Production costs" means any costs for tangible property used and services performed directly and predominantly in the production (includ- ing pre-production and post production) of a qualified film. "Production costs" shall not include (i) costs for a story, script or scenario to be used for a qualified film and (ii) wages or salaries or other compensation for writers, directors, including music directors, producers and performers (other than background actors with no scripted lines). "Production costs" generally include technical and crew production costs, such as expenditures for film production facilities, or any part thereof, props, makeup, wardrobe, film processing, camera, sound recording, set construction, lighting, shooting, editing and meals. IN THE CASE OF CONSTRUCTING, EQUIPPING OR EXPANDING A FILM PRODUCTION FACILITY, "PRODUCTION COSTS" SHALL MEAN THE COST OR OTHER BASIS FOR FEDERAL INCOME TAX PURPOSES OF TANGIBLE PERSONAL PROPERTY AND OTHER TANGIBLE PROPERTY, INCLUDING BUILDINGS AND STRUCTURAL COMPONENTS OF BUILDINGS DESCRIBED IN PARAGRAPH (B) OF SUBDIVISION ONE OF SECTION TWO HUNDRED TEN-B OF THIS CHAPTER. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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