State Codes and Statutes
Statutes > New-york > Tax > Article-1 > 31-2* § 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 ten percent and the qualified post production costs paid in the production of a qualified film at a qualified post production facility. (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 subdivision (e) of section seven of part P of chapter sixty of the laws of two thousand four and shall be allocated in the same manner as provided for in subdivision (a) of section seven of part P of chapter sixty of the laws of two thousand four. (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
