New York Codes, Rules and Regulations
Title 5 - DEPARTMENT OF ECONOMIC DEVELOPMENT
Chapter XVII - EMPIRE STATE FILM PRODUCTION TAX CREDIT PROGRAM
Part 170 - EMPIRE STATE FILM PRODUCTION TAX CREDIT PROGRAM
Section 170.1 - Purpose and general description

Universal Citation: 5 NY Comp Codes Rules and Regs ยง 170.1

Current through Register Vol. 46, No. 12, March 20, 2024

(a) The purpose of these regulations is to set forth the application process for the Empire State Film Production Tax Credit Program established by chapter 60 of the Laws of 2004 and amended by chapter 57 of the Laws of 2009 and 2010, chapter 268 of the Laws of 2012, and chapter 59 of the Laws of 2013. Pursuant to chapter 60 of the Laws of 2004, the Department of Economic Development has been granted the authority to promulgate regulations to establish procedures for the allocation of such credits, including, but not limited to, the application process, standards for application evaluations, and any other provisions deemed necessary and appropriate. The Department of Economic Development shall administer the program, including the issuance of tax credit certificates.

(b) A taxpayer that is a qualified film production company or that is a sole proprietor of or a member of a partnership that is a qualified film production company and which is subject to tax under articles nine-A or twenty-two of this chapter shall be allowed a credit against such tax, pursuant to the provisions referenced in section 24(c) of the Tax Law, to be computed as hereinafter provided.

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