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NY S07746

Bill

Official Source

Status

Introduced

6/4/2014

Primary Sponsor

Elizabeth Little

Click for details

Origin

Senate

2013-2014 General Assembly

AI Summary

  • Establishes a musical and theatrical production business franchise tax credit under Article 9-A Section 210, subdivision 50 of New York tax law
  • Sets an aggregate annual cap of $4 million 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 to the first day of the subsequent year
  • Applies retroactively to taxable years commencing on or after January 1, 2014, with the $4 million cap provision effective January 1, 2015
  • Credits expire and are deemed repealed 4 years after the January 1, 2015 effective date, or upon the effective date of section 17 of part A of chapter 59 of the laws of 2014, whichever is earlier

Legislative Description

Makes the musical and theatrical production business franchise tax credit applicable to the 2014 tax year.

Last Action

SUBSTITUTED BY A10049

6/20/2014

Committee Referrals

Rules6/20/2014
Investigations and Government Operations6/4/2014

Full Bill Text

No bill text available