New York Codes, Rules and Regulations
Title 5 - DEPARTMENT OF ECONOMIC DEVELOPMENT
Chapter XXIV - MUSICAL AND THEATRICAL PRODUCTION TAX CREDIT PROGRAM
Part 240 - EMPIRE STATE MUSICAL AND THEATRICAL PRODUCTION TAX CREDIT PROGRAM
Section 240.10 - Annual report
Current through Register Vol. 46, No. 12, March 20, 2024
The department shall submit to the Governor, the Temporary President of the Senate, and the Speaker of the Assembly, an annual report on February 1st of each year evaluating the effectiveness of the program in stimulating the growth of the musical and theatrical industry in the State. Such report shall include, but need not be limited to, in total and by qualified musical and theatrical production, the number of qualified musical and theatrical productions which received a musical and theatrical production credit, the qualified production expenditures, the transportation expenditures, the qualified production facilities, and the credit amounts claimed by each qualified musical and theatrical production, as well as the impact on employment and the economy of the state. Such report shall include:
(a) the credit-eligible man hours for each project and the total wages for such credit-eligible man hours for each project as well as the name of each taxpayer allocated a 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; and
(b) the amount of tax credit allocated 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 information identifying the project associated with each taxpayer for which a tax credit was claimed under this section, including the name of the musical and theatrical production and county in which the production is performed must be included in such report. Such report shall be based on data available from the final application filed with the department. Notwithstanding any provision of law to the contrary, the information contained in the report shall be public information. The report may also include any recommendations of changes in the calculation or administration of the credit, and any other recommendation of the commissioner regarding modification or repeal of the Program, and such other information regarding the Program as the commissioner determines useful and appropriate.
