New York S 10460: Relates to the New York city musical and theatrical production tax credit

Bill Text

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S10460 Summary:

BILL NOS10460 

&nbsp

SAME ASSAME AS A06607-A

&nbsp

SPONSORBOTTCHER

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd Part PP subpart B §6, Chap 59 of 2021; amd §24-c, Tax L

&nbsp

Extends provisions relating to establishing the New York city musical and theatrical production tax credit and establishing the New York state council on the arts cultural program fund; relates to the New York city musical and theatrical production tax credit.

Go to top S10460 Actions:

BILL NOS10460 

&nbsp

05/15/2026REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Go to topS10460 Committee&nbspVotes:

Go to topS10460 Floor&nbspVotes:

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

Go to topS10460 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10460

 IN SENATE

 May 15, 2026
 ___________

 Introduced by Sen. BOTTCHER -- read twice and ordered printed, and when
 printed to be committed to the Committee on Investigations and Govern-
 ment Operations

 AN ACT to amend subpart B of part PP of chapter 59 of the laws of 2021
 amending the tax law and the state finance law relating to establish-
 ing the New York city musical and theatrical production tax credit and
 establishing the New York state council on the arts cultural program
 fund, in relation to the effectiveness thereof; to amend the tax law,
 in relation to the New York city musical and theatrical production tax
 credit

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

 1 Section 1. Section 6 of subpart B of part PP of chapter 59 of the
 2 laws of 2021 amending the tax law and the state finance law relating to
 3 establishing the New York city musical and theatrical production tax
 4 credit and establishing the New York state council on the arts cultural
 5 program fund, as amended by section 1 of part L of chapter 59 of the
 6 laws of 2025, is amended to read as follows:
 7 § 6. This act shall take effect immediately; provided however, that
 8 sections one, two, three and four of this act shall apply to taxable
 9 years beginning on or after January 1, 2021, and before January 1,
 10 [2028] 2031 and shall expire and be deemed repealed January 1, [2028]
 11 2031; provided further, however that the obligations under paragraph 3
 12 of subdivision (g) of section 24-c of the tax law, as added by section
 13 one of this act, shall remain in effect until December 31, [2029] 2032.
 14 § 2. Paragraph 2 of subdivision (a) of section 24-c of the tax law, as
 15 amended by section 2 of subpart E of part I of chapter 59 of the laws of
 16 2023, is amended to read as follows:
 17 (2) The amount of the credit shall be the product (or pro rata share
 18 of the product, in the case of a member of a partnership) of twenty-five
 19 percent and the sum of the qualified production expenditures paid for
 20 during the qualified New York city musical and theatrical production's
 21 credit period. Provided however that the amount of the credit cannot
 22 exceed three hundred fifty thousand dollars per qualified New York city

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09235-04-6

 S. 10460 2

 1 musical and theatrical production in a level two qualified New York city
 2 production facility and three million dollars per qualified New York
 3 city musical and theatrical production in a level one qualified New York
 4 city production facility. In no event shall a qualified New York city
 5 musical and theatrical production be eligible for more than one credit
 6 under this program. Provided however, if a production located in a
 7 level two production facility is approved for a credit under this
 8 section and such production moves to a level one production facility,
 9 any credit amount previously approved for the level two production shall
 10 reduce any approved level one credit amount by such amount. A
 11 production shall not have to withdraw a previous credit application if
 12 such production moves from a level two production facility to a level
 13 one production facility.
 14 § 3. Subparagraph (i) of paragraph 3 of subdivision (b) of section
 15 24-c of the tax law, as amended by section 2-a of subpart E of part I of
 16 chapt