Bill S7746-2013

Makes the musical and theatrical production business franchise tax credit applicable to the 2014 tax year

Makes the musical and theatrical production business franchise tax credit applicable to the 2014 tax year.

Details

Actions

  • Jun 20, 2014: SUBSTITUTED BY A10049
  • Jun 20, 2014: ORDERED TO THIRD READING CAL.1681
  • Jun 20, 2014: COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • Jun 4, 2014: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Meetings

Votes

VOTE: COMMITTEE VOTE: - Rules - Jun 20, 2014
Ayes (23): Skelos, Libous, Bonacic, Carlucci, Farley, Flanagan, Hannon, Larkin, Marcellino, Maziarz, Nozzolio, Seward, Valesky, Little, Stewart-Cousins, Breslin, Dilan, Hassell-Thompson, Krueger, Montgomery, Parker, Perkins, Gianaris
Ayes W/R (1): LaValle
Excused (1): Espaillat

Memo

BILL NUMBER:S7746

TITLE OF BILL: An act to amend the tax law, in relation to establishing a musical and theatrical production business franchise credit; to amend chapter 59 of the laws of 2014, amending the tax law relating to a musical and theatrical production credit, in relation to the effective date thereof; and providing for the repeal of certain provisions upon expiration thereof

PURPOSE: Makes the musical and theatrical production business franchise tax credit applicable to the 2014 tax year.

SUMMARY OF PROVISIONS: Amends part HH of chapter 59 of the laws of 2014 to make the musical and theatrical production business franchise tax credit applicable to the 2014 tax year.

JUSTIFICATION: This bill will amend Chapter 59 of the laws of 2014 to authorize the musical and theatrical production business franchise tax credit be applicable to the 2014 tax year. This will allow qualified production companies who make investments in New York State during this fiscal year eligible to receive the tax credit.

LEGISLATIVE HISTORY: New Bill

FISCAL IMPLICATIONS: To be determined

EFFECTIVE DATE: This act shall take effect immediately, provided that: section one, two, three and four of this act shall apply to the taxable years commencing on or after January 1, 2014, and such sections shall expire and be deemed repealed on the effective date of section 17 of part A of chapter 59 of the laws of 2014, as amended.


Text

STATE OF NEW YORK ________________________________________________________________________ 7746 IN SENATE June 4, 2014 ___________
Introduced by Sen. LITTLE -- 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 establishing a musical and theatrical production business franchise credit; to amend chapter 59 of the laws of 2014, amending the tax law relating to a musical and theatrical production credit, in relation to the effective date there- of; and providing for the repeal of certain provisions upon expiration thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 1 of subdivision (c) of section 24-a of the tax law, as added by section 1 of part HH of chapter 59 of the laws of 2014, is amended to read as follows: (1) article 9-A: section [210-B] 210: subdivision [47] 50. S 2. Paragraph 1 of subdivision (e) of section 24-a of the tax law, as added by section 1 of part HH of chapter 59 of the laws of 2014, is amended to read as follows: (1) The aggregate amount of tax credits allowed under this section, subdivision [forty-seven] FIFTY of section two hundred [ten-B] TEN and subsection (u) of section six hundred six of this chapter in any calen- dar year shall be four million dollars. Such aggregate amount of credits shall be allocated by the department of economic development among taxpayers in order of priority based upon the date of filing an applica- tion for allocation of musical and theatrical production credit with such department. 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 3. Section 210 of the tax law is amended by adding a new subdivision 50 to read as follows: 50. MUSICAL AND THEATRICAL PRODUCTION CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER WHO IS ELIGIBLE PURSUANT TO SECTION TWENTY-FOUR-A OF THIS
CHAPTER SHALL BE ALLOWED A CREDIT TO BE COMPUTED AS PROVIDED IN SUCH SECTION AGAINST THE TAX IMPOSED BY THIS ARTICLE. (B) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE AMOUNT PRESCRIBED IN PARAGRAPH (D) OF SUBDIVISION ONE OF THIS SECTION. PROVIDED, HOWEVER, THAT IF THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR REDUCES THE TAX TO SUCH AMOUNT, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CRED- ITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION ONE THOU- SAND EIGHTY-SIX OF THIS CHAPTER. PROVIDED, FURTHER, THE PROVISIONS OF SUBSECTION (C) OF SECTION ONE THOUSAND EIGHTY-EIGHT OF THIS CHAPTER NOTWITHSTANDING, NO INTEREST SHALL BE PAID THEREON. S 4. Clause (xxxix) of subparagraph B of paragraph 1 of subsection (i) of section 606 of the tax law, as added by section 3 of part HH of chap- ter 59 of the laws of 2014, is amended to read as follows: (xxxix) Musical and theatrical Amount of credit for production credit under the sum of the qualified subsection (u) production expenditures and the transportation expenditures in a qualified musical and theatrical production under subdivision [forty-seven] FIFTY of section two hundred [ten-B] TEN S 5. Section 5 of part HH of chapter 59 of the laws of 2014, amended the tax law relating to a musical and theatrical production credit, is amended to read as follows: S 5. This act shall take effect immediately AND SHALL APPLY TO TAXABLE YEARS COMMENCING ON OR AFTER JANUARY 1, 2014, provided that section two of this act shall take effect on January 1, 2015, [and shall apply to taxable years beginning on or after January 1, 2015,] with respect to "qualified production expenditures" and "transportation expenditures" paid or incurred on or after such effective date, regardless of whether the production of the qualified musical or theatrical production commenced before such date, provided further that this act shall expire and be deemed repealed 4 years after such date. S 6. This act shall take effect immediately, provided that: sections one, two, three and four of this act shall apply to taxable years commencing on or after January 1, 2014, and such sections shall expire and be deemed repealed on the effective date of section 17 of part A of chapter 59 of the laws of 2014, as amended.

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