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 240.5 - Allocation of Empire State Musical and Theatrical Production Tax Credit
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Amount of credit.
The amount of the credit shall be the product (or pro rata share of the product, in the case of a member of a partnership) of 25 percent and the sum of the qualified production expenditures and the transportation expenditures.
(b) Aggregate amount of tax credits.
The aggregate amount of tax credits allowed under this Program in any calendar year shall be $4,000,000. Such aggregate amount of credits shall be allocated by the department among taxpayers in order of priority based upon the date of filing a final application for allocation of a Musical and Theatrical Production Tax Credit with the department. If the total amount of allocated credits applied for in any particular year exceeds the aggregate amount of tax credits allowed for such year, such excess shall be treated as having been applied for on the first day of the subsequent year.
