2012 New York Consolidated Laws
TAX - Tax
Article 1 - (1 - 37) SHORT TITLE; DEFINITIONS; MISCELLANEOUS
31*2 - Empire state film post production credit.

 
    * §  31.  Empire  state  film post production credit. (a) Allowance of
  credit. (1) A taxpayer which is a qualified film production company, and
  which is subject to tax under  article  nine-A  or  twenty-two  of  this
  chapter,  unless  eligible  for  the credit under section twenty-four of
  this article with respect to the qualified  film,  shall  be  allowed  a
  credit  against  such  tax,  pursuant  to  the  provisions referenced in
  subdivision (c) of this section to  be  computed  as  provided  in  this
  subdivision.
    (2)  The  amount of the credit shall be the product (or pro rata share
  of the product, in the case of a member  of  a  partnership)  of  thirty
  percent  and  the qualified post production costs paid in the production
  of a qualified film at a  qualified  post  production  facility  located
  within  the  metropolitan commuter transportation district as defined in
  section twelve hundred  sixty-two  of  the  public  authorities  law  or
  thirty-five  percent and the qualified post production costs paid in the
  production of a qualified film at a qualified post  production  facility
  located elsewhere in the state.
    (3)  A  taxpayer  shall  not be eligible for the credit established by
  this section unless the qualified post production costs at  a  qualified
  post  production  facility  meet  or  exceed seventy-five percent of the
  total post production costs paid or incurred in the post  production  of
  the  qualified film at any post production facility. The credit shall be
  allowed for the taxable year in which the production of  such  qualified
  film is completed.
    (4)  No  qualified  post production costs used by a taxpayer either as
  the basis for the allowance  of  the  credit  provided  for  under  this
  section or used in the calculation of the credit provided for under this
  section shall be used by such taxpayer to claim any other credit allowed
  pursuant to this chapter.
    (b)  Definitions.  As  used  in this section the following terms shall
  have the following meanings:
    (1) "Qualified film production company"  and  "qualified  film"  shall
  have  the  same  meaning  as  are  ascribed  to  such  terms  by section
  twenty-four of this article.
    (2) "Post production costs" means production of original content for a
  qualified  film  employing  traditional,  emerging  and   new   workflow
  techniques   used  in  post-production  for  picture,  sound  and  music
  editorial, rerecording  and  mixing,  visual  effects,  graphic  design,
  original  scoring,  animation,  and  musical  composition; but shall not
  include the editing of previously produced content for a qualified film.
    (3) "Post production facility" means  a  building  and/or  complex  of
  buildings  and  their improvements on which film are intended to be post
  produced.
    (4) "Qualified post  production  facility"  means  a  post  production
  facility located in the state, engaged in finishing a qualified film.
    (c)  Notwithstanding  any  other provision of law to the contrary, the
  aggregate amount of tax credits available under this section  shall  not
  exceed the amounts allowed pursuant to paragraph four of subdivision (e)
  of  section  twenty-four  of  this article and shall be allocated in the
  same manner as provided for in  paragraph  one  of  subdivision  (e)  of
  section twenty-four of this article.
    (d)  Cross-references.  For  application of the credit provided for in
  this section, see the following provisions of this chapter:
    (1) article 9-A: section 210: subdivision 41.
    (2) article 22: section 606: subsection (qq).
    * NB There are 2 § 31's