NY A10049

Establishes a musical and theatrical production business franchise tax credit under Article 9-A of New York's tax law applicable to taxable years commencing on or after January 1, 2014

Sets an aggregate cap of $4 million annually on tax credits, allocated by the Department of Economic Development on a first-come, first-served basis based on application filing dates

Allows excess credit applications in any year to be carried forward and treated as applied for on the first day of the subsequent year

Permits credit amounts that reduce tax liability below the prescribed minimum to be refunded as overpayments without interest

Sunsets the provision on the effective date of section 17 of part A of chapter 59 of the laws of 2014