NY A11678

Repeals Part KK of the 2010 tax law relating to investment management services to partnerships or other entities, effective on the same date as the original provision.

Amends the effective date of Part C of the 2010 tax law regarding S corporation income to apply to taxable years beginning on or after January 1, 2007 (instead of all open years), with extensions for fraud, failure to file, or substantial income omission cases.

Increases the Empire State Film Production Tax Credit by $420 million annually for 2010-2014, with up to $7 million per year available for post-production credits and remainder allocated to general film production credits if post-production applications are insufficient.

Allows unallocated post-production tax credits from the additional pool to be made available for the Empire State Film Tax Credit when pending post-production applications are determined insufficient to utilize available credits.