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 170.11 - Quarterly report

Universal Citation: 5 NY Comp Codes Rules and Regs ยง 170.11

Current through Register Vol. 45, No. 52, December 27, 2023

The department shall file a report on a quarterly basis with the director of the Division of the Budget and the chairmen of the Assembly Ways and Means Committee and Senate Finance Committee. The report shall be filed within 15 days after the close of the calendar quarter. The report must contain the following information for the calendar quarter:

(a) the total dollar amount of certificates of tax credits issued during each month of the calendar quarter, broken down by month;

(b) the number of film projects which have been issued certificates of tax credits of less than $1 million per project and the total dollar amount of credits issued to those projects;

(c) the number of film projects which have been issued certificates of tax credits of $1 million or more but less than $5 million per project and the total dollar amount of credits issued to those projects;

(d) the number of film projects which have been issued certificates of tax credits of $5 million or more per project and the total dollar amount of credits issued to those projects;

(e) a list of each film project which has been issued a certificate of tax credit and for each of those projects:

(1) the number of employees associated with the project;

(2) the qualified costs for the project;

(3) the total expenditures on goods and services in New York State for the project;

(4) the credit-eligible man hours for each project; and

(5) the total wages for such credit-eligible man hours for each project;

(f)

(1) the name of each taxpayer issued a certificate of tax credit for each project and the county of residence or incorporation of such taxpayer; or if the taxpayer does not reside or is not incorporated in New York, then the state of residence or incorporation; provided, however, if the taxpayer claims a tax credit because the taxpayer is a member of a limited liability company, a partner in a partnership, or a shareholder in a subchapter S corporation, the name of each limited liability company, partnership, or subchapter S corporation earning any of those tax credits must be included in the report instead of information about the taxpayer claiming the tax credit;

(2) the amount of the tax credit issued to each taxpayer; provided, however, if the taxpayer claims a tax credit because the taxpayer is a member of a limited liability company, a partner in a partnership or a shareholder in a subchapter S corporation, the amount of tax credit earned by each entity must be included in the report instead of information about the taxpayer claiming the tax credit; and

(3) information identifying the project associated with each taxpayer for which a tax credit was claimed under section 24 or section 31, as added by chapter 57 of the Laws of 2010, of the Tax Law, including the name of the film and county in which the project is located.

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