NY S08397

Amends the Empire State Film Production Credit to restrict eligibility to qualified film production companies, excluding those eligible for credits under Section 24 of the tax law for the same qualified film.

Removes the definition of "film production company" and renumbers remaining definitions for post production costs, post production facilities, and qualified post production facilities.

Establishes aggregate tax credit limits under Section 31 based on amounts allocated pursuant to Section 7 of Part P of Chapter 60 of the Laws of 2004, with credits allocated in the same manner.

Designates up to $7 million of the annual $420 million additional allocation (for years 2010-2014) for the Empire State Film Post Production Credit, with taxpayers required to report allocation year on tax forms.

Delays credit claims for qualified films receiving funds from the additional pool until the later of the year production is complete or the year immediately following the allocation year.