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 240.4 - Application Process
Universal Citation: 5 NY Comp Codes Rules and Regs ยง 240.4
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Initial application-notice of intent.
(1) An authorized applicant shall submit an
initial application to the department prior to commencement of the technical
period of a qualified musical and theatrical production for which it seeks a
tax credit under this article. The purpose of the initial application is to
notify the department of its intent to produce a qualified musical and
theatrical production in a qualified production facility and submit a final
application for the Empire State Musical and Theatrical Production Tax
Credit.
(2) The department shall
evaluate the initial application based upon the completeness of the application
and whether it was submitted in accordance with paragraph (1) of this
subdivision.
(3) After review of
the initial application, the department shall notify the authorized applicant
of its eligibility and may issue a certificate of conditional eligibility to
the authorized applicant.
(b) Final application.
(1) An applicant may submit a final
application to the department following the completion of a qualified touring
production.
(2) Upon receipt of a
final application, the department may request additional documentation,
including copies of receipts of qualified musical and theatrical production
expenditures, to determine if the production qualifies for the Empire State
Musical and Theatrical Production Tax Credit. The department shall approve or
disapprove the final application based upon criteria set forth in section
240.6
of this Part. If the final application is approved, the department shall issue
a certificate of tax credit to the approved applicant. The department shall
provide a copy of such certificate of tax credit to the Department of Taxation
and Finance. If the final application is disapproved, the department shall
provide the applicant with a notice of disapproval which shall state the
reasons therefor. Such disapproval shall be a rejection of the applicant's
final application. A disapproved applicant may appeal such decision pursuant to
section
240.8 of this
Part, or reapply pursuant to the provisions of this Part.
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