N.Y. Comp. Codes R. & Regs. tit. 5 § 170.1

Current through Register Vol. 46, No. 45, November 2, 2024

Section 170.1 - Purpose and general description

(a) The purpose of these regulations is to set forth the application process for the Empire State Film Production Tax Credit Program established by Chapter 60 of the Laws of 2004 and amended by Chapter 57 of the Laws of 2009 and 2010, Chapter 268 of the Laws of 2012, Chapter 59 of the Laws of 2013 and 2014 and as amended by Chapter 60 and 420 of the Laws of 2016, Chapter 59 of the Laws of 2017, Chapters 39 and 59 of the Laws of 2019 and Chapter 59 of the Laws of 2021-2023. Pursuant to Chapter 60 of the Laws of 2004, the Department of Economic Development has been granted the authority to promulgate regulations to establish procedures for the allocation of such credits, including, but not limited to, the application process, standards for application evaluations, and any other provisions deemed necessary and appropriate. The Department of Economic Development shall administer the program, including the issuance of tax credit certificates.

(b) A taxpayer that is a qualified film production company or that is a sole proprietor of or a member of a partnership that is a qualified film production company and which is subject to tax under articles nine-A or twenty-two of this chapter shall be allowed a credit against such tax, pursuant to the provisions referenced in section 24 (c) of the Tax Law, to be computed as hereinafter provided.

N.Y. Comp. Codes R. & Regs. Tit. 5 § 170.1

Amended New York State Register July 10, 2024/Volume XLVI, Issue 28, eff. 7/10/2024