NY S08465

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

Amends the effective date for Part C of 2010 tax law amendments regarding New York source income of nonresident S corporation shareholders to apply to taxable years beginning on or after January 1, 2007 (instead of all open years), with exceptions for fraud, failure to file, and substantial income omissions.

Increases the Empire State Film Production Tax Credit by $420 million annually for 2010-2014, with up to $7 million per year reserved for post-production credits; allows unused post-production credits to be reallocated to the general film production credit if insufficient applications exist.

Requires taxpayers claiming the Empire State Film Production Credit from the additional pool to report their allocation year on tax forms and wait until the later of production completion or the year following allocation to claim credits.