NY A08702

Creates an Empire State Music Production Credit allowing qualified music production companies to claim a tax credit equal to 20 percent of qualified production costs paid or incurred in New York State.

Eligible costs include recording production, artists' royalties, musician session fees, graphics, digital scanning, programming, music video production, and direct marketing expenditures; excludes touring, performing, manufacturing, and distribution costs.

Allocates a maximum of $60 million in aggregate annual tax credits across all music production credit programs, distributed by the Empire State Development Corporation on a first-come, first-served basis with excess applications carried over to the following year.

Applies to taxpayers subject to corporate income tax (Article 9-A) and personal income tax (Article 22), with refundable excess credits and no interest paid on overpayments.

Requires the Empire State Development Corporation to report findings and recommendations to the governor and legislature within one year of the law's effective date.