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NY A05784
Bill
Status
2/20/2009
Primary Sponsor
Peter Abbate
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AI Summary
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Establishes a 10% tax credit for film production companies on qualified post production costs incurred at facilities located in New York, with an additional 5% enhancement for companies already eligible for the existing film production credit.
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Requires qualified post production costs to comprise at least 75% of total post production costs for a film, with the credit allowed in the taxable year when production is completed.
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Caps aggregate tax credits at $7 million annually for taxable years 2009, 2010, and 2011, with allocation by the Governor's Office for Motion Picture and Television Development on a first-come, first-served basis.
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Withholds 7% of approved credits and deposits the funds into the New York State Post Production Internship Education and Development Program Fund to reimburse tuition for qualified interns at post production facilities.
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Applies to taxable years beginning January 1, 2010 and expires on the same date as the existing empire state film production credit under prior law.
Legislative Description
An act to amend the tax law, in relation to an empire state film post production tax credit and to amend the state finance law, in relation to establishing the New York state post production internship education and development program fund; and providing for the repeal of such provisions upon expiration thereof
Last Action
held for consideration in ways and means
7/1/2010