Repeals the Empire state film production credit and the Empire state film post production credit.
Summary
This bill would repeal New York’s Empire State film production credit and Empire State film post production credit. It does so by repealing the core tax law provisions that authorize those credits, along with related corporate and personal income tax provisions that implement them. The bill also repeals a related sales tax provision, indicating a broad elimination of the statutory framework supporting these film incentives.
If enacted, the measure would end the state’s film tax credit programs for future claims and remove the associated deductions, credits, and administrative provisions from the Tax Law. The repeal would affect film and post-production companies that currently rely on these incentives, as well as the state agencies that administer and audit the credits. The bill takes effect immediately, so its purpose is to terminate the programs without delay.
Impact
The bill would substantially amend New York’s Tax Law by repealing sections 24 and 31 and multiple related provisions in sections 210-B, 606, and 1201-a. These provisions currently govern the Empire State film production credit, the Empire State film post production credit, and associated tax treatment for eligible taxpayers. The practical effect would be to remove the legal basis for claiming these credits and to eliminate related tax administration rules.
Sentiment
There is no recorded committee transcript or vote history in the provided material, so no formal legislative debate or recorded sentiment is available. Based on the bill’s subject matter, the proposal appears to reflect a policy preference for ending state support for film tax incentives rather than modifying them. Without discussion or votes, the overall sentiment cannot be measured beyond the bill’s clear intent to repeal the programs.
Contention
The main point of contention would likely be whether New York should continue subsidizing the film industry through tax credits. Supporters of repeal would likely argue that the credits are costly and should be eliminated, while opponents would likely argue that the incentives help attract productions, preserve jobs, and support the state’s film and post-production sectors. No specific stakeholders or arguments are documented in the provided transcripts or votes, so this contention is inferred from the bill’s policy effect.
Requires third-party verification of an application to receive the Empire State film production credit and the Empire State film post production credit by approved certified public accountants.
Provides an additional ten percent credit on qualified labor expenses under the empire state film production credit and empire state film post production credit in Nassau and Suffolk counties.
Requires third-party verification of an application to receive the Empire State film production credit and the Empire State film post production credit by approved certified public accountants.