New York A 7926: Relates to the process by which taxes are evaluated on property designated as wetlands by the department of environmental conservation

Bill Text

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A07926 Summary:

BILL NOA07926 

&nbsp

SAME ASSAME AS S00271

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SPONSORCarroll P

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COSPNSR

&nbsp

MLTSPNSR

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Amd §24, Tax L

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Defines film zone; excludes the film zone from the additional empire state film production credit.

Go to top A07926 Actions:

BILL NOA07926 

&nbsp

04/15/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA07926 Committee&nbspVotes:

Go to topA07926 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA07926 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7926

 2025-2026 Regular Sessions

 IN ASSEMBLY

 April 15, 2025
 ___________

 Introduced by M. of A. P. CARROLL -- read once and referred to the
 Committee on Ways and Means

 AN ACT to amend the tax law, in relation to the definition of film zone
 and the exclusion of the film zone from the additional empire state
 film production credit

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Paragraph 5 of subdivision (a) of section 24 of the tax
 2 law, as amended by section 2 of part D of chapter 59 of the laws of
 3 2023, is amended to read as follows:
 4 (5) For the period two thousand fifteen through two thousand thirty-
 5 four, in addition to the amount of credit established in paragraph two
 6 of this subdivision, a taxpayer shall be allowed a credit equal to (i)
 7 the product (or pro rata share of the product, in the case of a member
 8 of a partnership) of ten percent and the wages, salaries or other
 9 compensation constituting qualified production costs as defined in para-
 10 graph two of subdivision (b) of this section, paid to individuals
 11 directly employed by a qualified film production company or a qualified
 12 independent film production company for services performed by those
 13 individuals in one of the counties or areas specified in this paragraph
 14 in connection with a qualified film with a minimum budget of five
 15 hundred thousand dollars, and (ii) the product (or pro rata share of the
 16 product, in the case of a member of a partnership) of ten percent and
 17 the qualified production costs (excluding wages, salaries or other
 18 compensation) paid or incurred in the production of a qualified film
 19 where the property constituting such qualified production costs was
 20 used, and the services constituting such qualified production costs were
 21 performed in any of the counties or areas specified in this paragraph in
 22 connection with a qualified film with a minimum budget of five hundred
 23 thousand dollars where the majority of principal photography shooting
 24 days in the production of such film were shot in any of the counties or

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00280-01-5

 A. 7926 2

 1 areas specified in this paragraph. Provided, however, that the aggregate
 2 total eligible qualified production costs constituting wages, salaries
 3 or other compensation, for writers, directors, composers, producers, and
 4 performers shall not exceed forty percent of the aggregate sum total of
 5 all other qualified production costs. For purposes of the credit, the
 6 services must be performed and the property must be used in one or more
 7 of the following counties or areas: Albany, Allegany, Broome, Cattarau-
 8 gus, Cayuga, Chautauqua, Chemung, Chenango, Clinton, Columbia, Cortland,
 9 Delaware, Dutchess, Erie, Essex, Franklin, Fulton, Genesee, Greene,
 10 Hamilton, Herkimer, Jefferson, Lewis, Livingston, Madison, Monroe, Mont-
 11 gomery, Niagara, Oneida, Onondaga, Ontario, Orange, Orleans, Oswego,
 12 Otsego, Putnam, Rensselaer, Saratoga, Schenectady, Schoharie, Schuyler,
 13 Seneca, St. Lawrence, Steuben, Sullivan, Tioga, Tompkins, Ulster,
 14 Warren, Washington, Wayne, Wyoming, [or] Yates, or any area in the coun-
 15 ties of Rockland or Westchester which is not located in the film zone as
 16 defined in paragraph eleven of subdivision (b) of this section.
 17 § 2. Subdivision (b) of section 24 of the tax law is amended by adding
 18 a new paragraph 11 to read as follows:
 19 (11) "Film zone" shall mean an area within a twenty-five mile radius
 20 of Columbus Circ