New York S 4661: Requires third-party verification of an application to receive the Empire State film production credit and the Empire State film post production credit

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S04661 Summary:

BILL NOS04661 

&nbsp

SAME ASNo Same As

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SPONSORSKOUFIS

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COSPNSR

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MLTSPNSR

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Amd §§24 & 31, Tax L

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Requires third-party verification of an application to receive the Empire State film production credit and the Empire State film post production credit by approved certified public accountants.

Go to top S04661 Actions:

BILL NOS04661 

&nbsp

02/10/2025REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

01/07/2026REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Go to topS04661 Committee&nbspVotes:

Go to topS04661 Floor&nbspVotes:

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

Go to topS04661 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4661

 2025-2026 Regular Sessions

 IN SENATE

 February 10, 2025
 ___________

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

 AN ACT to amend the tax law, in relation to requiring third-party
 verification of an application to receive the Empire State film
 production credit and the Empire State film post production credit

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

 1 Section 1. Subdivision (a) of section 24 of the tax law is amended by
 2 adding a new paragraph 6 to read as follows:
 3 (6) (i) For the purposes of this paragraph, the term "approved certi-
 4 fied public accountants" shall mean independent, third party, in-state
 5 certified public accountants approved by the department of economic
 6 development to provide third-party verification services required under
 7 this paragraph.
 8 (ii) On or after January first, two thousand twenty-six, a taxpayer
 9 which is a qualified film production company, or a qualified independent
 10 film production company, or which is a sole proprietor of or a member of
 11 a partnership which is a qualified film production company or a quali-
 12 fied independent film production company, and which is subject to tax
 13 under articles nine-A or twenty-two of this chapter, shall, as a condi-
 14 tion for the granting of the credit as part of the taxpayer's final
 15 application for the credit, submit to the department of economic devel-
 16 opment a third-party verification of their final application performed
 17 by approved certified public accountants. The costs of such third-party
 18 verification shall not be claimed as an expense for the purposes of this
 19 section.
 20 (iii) The department of economic development shall maintain a list of
 21 certified public accountants which shall be utilized to provide the
 22 third-party verification services pursuant to this paragraph. The
 23 department of economic development shall develop procedures and perform-

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09244-02-5

 S. 4661 2

 1 ance standards for such certified public accountants and any certified
 2 public accountants failing to meet the requirements of such procedures
 3 and performance standards shall be removed from the list immediately.
 4 § 2. Subdivision (a) of section 31 of the tax law, as added by section
 5 12 of part Q of chapter 57 of the laws of 2010, is amended by adding a
 6 new paragraph 7 to read as follows:
 7 (7) (i) For the purposes of this paragraph, the term "approved certi-
 8 fied public accountants" shall mean independent, third party, in-state
 9 certified public accountants approved by the department of economic
 10 development to provide third-party verification services required under
 11 this paragraph.
 12 (ii) On or after January first, two thousand twenty-six, a taxpayer
 13 which is a qualified film production company, and which is subject to
 14 tax under articles nine-A or twenty-two of this chapter, unless eligible
 15 for the credit under section twenty-four of this article with respect to
 16 the qualified film, shall, as a condition for the granting of the credit
 17 as part of the taxpayer's final application for the credit, submit to
 18 the department of economic development a third-party verification of
 19 their final application performed by approved certified public ac