New York S 5256: Relates to the New York city musical and theatrical production tax credit

Bill Text

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S05256 Summary:

BILL NOS05256 

&nbsp

SAME ASSAME AS A06607

&nbsp

SPONSORHOYLMAN-SIGAL

&nbsp

COSPNSRCOONEY

&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 S05256 Actions:

BILL NOS05256 

&nbsp

02/20/2025REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Go to topS05256 Committee&nbspVotes:

Go to topS05256 Floor&nbspVotes:

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

Go to topS05256 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5256

 2025-2026 Regular Sessions

 IN SENATE

 February 20, 2025
 ___________

 Introduced by Sen. HOYLMAN-SIGAL -- read twice and ordered printed, and
 when printed to be committed to the Committee on Investigations and
 Government 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 subpart E of part I of chapter
 6 59 of the laws of 2023, 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 10 [2026] 2031 and shall expire and be deemed repealed January 1, [2026]
 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, [2027] 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

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09235-02-5

 S. 5256 2

 1 during the qualified New York city musical and theatrical production's
 2 credit period. Provided however that the amount of the credit cannot
 3 exceed three hundred fifty thousand dollars per qualified New York city
 4 musical and theatrical production in a level two qualified New York city
 5 production facility and three million dollars per qualified New York
 6 city musical and theatrical production in a level one qualified New York
 7 city production facility. In no event shall a qualified New York city
 8 musical and theatrical production be eligible for more than one credit
 9 under this program. Provided however, if a production located in a
 10 level two production facility is approved for a credit under this
 11 section and such production moves to a level one production facility,
 12 any credit amount previously approved for the level two production shall
 13 reduce any approved level one credit amount by such amount. A
 14 production shall not have to withdraw a previous credit application if
 15 such production moves from a level two production facility to a level
 16 one production facility.
 17 § 3. Subparagraph (i) of paragraph 3 of subdivision