New York A 3457: Relates to the period during which the empire state digital gaming tax credit may be claimed, criteria for such tax credit, and allowing a rollover of such credit

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A03457 Summary:

BILL NOA03457A

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SAME ASSAME AS S04715-A

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SPONSORMcDonald (MS)

&nbsp

COSPNSRSeawright, Lunsford, Stirpe, Taylor, Brabenec, Slater, Blumencranz, Bronson, Bichotte Hermelyn,
 Davila, Simpson, Woerner, Berger, Wright, Chang, Gallahan

&nbsp

MLTSPNSRLevenberg

&nbsp

Amd §§45, 210-B & 606, Tax L

&nbsp

Extends the period during which the empire state digital gaming tax credit may be claimed to 01/01/2032; amends the eligibility criteria for game development companies by changing the yearly timeframe structure, lowering the dollar threshold per production, and removing the in-state cost incurred threshold to accurately fit current digital gaming industry models; allows unused credits to be rolled over to the following tax year.

Go to top A03457 Actions:

BILL NOA03457A

&nbsp

01/27/2025referred to ways and means

03/06/2025amend (t) and recommit to ways and means

03/06/2025print number 3457a

01/07/2026referred to ways and means

Go to topA03457 Committee&nbspVotes:

Go to topA03457 Floor&nbspVotes:

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

Go to topA03457 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3457--A

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 27, 2025
 ___________

 Introduced by M. of A. McDONALD, SEAWRIGHT, LUNSFORD, STIRPE, TAYLOR,
 BRABENEC, SLATER, BLUMENCRANZ, BRONSON, BICHOTTE HERMELYN, DAVILA,
 SIMPSON, WOERNER, BERGER -- Multi-Sponsored by -- M. of A. LEVENBERG
 -- read once and referred to the Committee on Ways and Means --
 committee discharged, bill amended, ordered reprinted as amended and
 recommitted to said committee

 AN ACT to amend the tax law, in relation to extending the period during
 which the empire state digital gaming media production tax credit may
 be claimed, the eligibility criteria for such tax credit, and allowing
 unused allowable credits to be rolled over to the following tax year

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

 1 Section 1. Paragraph 1 of subdivision (a) and subdivisions (b) and (c)
 2 of section 45 of the tax law, as added by section 1 of part OO of chap-
 3 ter 59 of the laws of 2022, are amended to read as follows:
 4 (1) A taxpayer which is a digital gaming media production entity
 5 engaged in qualified digital gaming media production, or who is a sole
 6 proprietor of or a member of a partnership, which is a digital gaming
 7 media production entity engaged in qualified digital gaming media
 8 production, and is subject to tax under article nine-A or twenty-two of
 9 this chapter, shall be allowed a credit against such tax to be computed
 10 as provided herein for taxable years beginning on or after January
 11 first, two thousand twenty-three and before January first, two thousand
 12 [twenty-eight] thirty-two.
 13 (b) Allocation of credit. The aggregate amount of tax credits allowed
 14 under this section, subdivision fifty-five of section two hundred ten-B
 15 and subsection (nnn) of section six hundred six of this chapter in any
 16 taxable year shall be five million dollars. Such credit shall be allo-
 17 cated by the department of economic development in order of priority
 18 based upon the date of filing an application for allocation of digital
 19 gaming media production credit with such office. An applicant shall

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06207-06-5

 A. 3457--A 2

 1 submit an annual application which shall include all qualified digital
 2 gaming media productions for the taxable year along with an estimate of
 3 the digital gaming media production costs. The application can be
 4 submitted no earlier than ninety days prior to the first day of the
 5 applicable taxable year. If the total amount of allocated credits
 6 applied for in any particular year exceeds the aggregate amount of tax
 7 credits allowed for such year under this section, such excess shall be
 8 treated as having been applied for on the first day of the subsequent
 9 taxable year. Provided, however, that for taxable years beginning on or
 10 after January first, two thousand twenty-three, if the total amount of
 11 allocated credits applied for in any partic