New York Codes, Rules and Regulations
Title 5 - DEPARTMENT OF ECONOMIC DEVELOPMENT
Chapter XXIII - EMPIRE STATE POST PRODUCTION TAX CREDIT PROGRAM
Part 230 - EMPIRE STATE POST PRODUCTION TAX CREDIT PROGRAM
Section 230.11 - Quarterly report
Universal Citation: 5 NY Comp Codes Rules and Regs ยง 230.11
Current through Register Vol. 46, No. 12, March 20, 2024
(a) 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:
(1) the total dollar amount of certificates
of tax credits issued during each month of the calendar quarter, broken down by
month;
(2) 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;
(3) 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;
(4) 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;
(5) a list of each film project which has
been issued a certificate of tax credit and for each of those projects:
(i) the number of employees associated with
the post production project;
(ii)
the qualified costs for the post production project;
(iii) the total expenditures on goods and
services in New York State for the post production on the project;
(iv) the credit-eligible man hours for post
production on each project; and
(v)
the total wages for such credit-eligible man hours for post production on each
project;
(6)
(i) 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 earning any of those tax credits must be
included in the report instead of information about the taxpayer claiming the
tax credit;
(ii) the amount of 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
(iii) 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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