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NY A10694
Bill
Status
9/9/2022
Primary Sponsor
William Magnarelli
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AI Summary
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Allows a 25% tax credit for corporations and partnerships engaged in esports production in New York that incur at least $250,000 in qualified production costs, applicable to taxable years 2023-2027.
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Caps the credit at $20 million per esports event and requires at least 75% of total production costs to be incurred and paid within New York State.
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Excludes certain compensation from credit calculations, including amounts exceeding $1 million per individual and executive salaries for production entities with more than 10 employees.
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Establishes the Esports Training and Development Fund, funded by 0.5% reductions to issued credits, to support workforce recruitment, training, and development programs in the esports industry.
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Requires the Empire State Development Corporation to file biannual reports detailing credit allocations and a triennial independent audit assessing program efficiency and economic impact by region; tax credit provisions expire December 31, 2028.
Legislative Description
Provides a production tax credit for certain electronic sporting events ("Esports") for taxpayers who incur at least $250,000 in production expenses with respect to such events; provides for the repeal of certain provisions upon expiration thereof.
Last Action
referred to ways and means
9/9/2022