NEW YORK

PROPOSED LEGISLATION (STILL IN THE HOUSE OR SENATE)

JANUARY 31, 2010

The proposed bill would provide $420 million worth of tax credits annually thru 2014.  The Governor's Office must notify the taxpayer of their "allocation year" because any credits earned under the new bill cannot be claimed before the later of (1) the taxable year the qualified production is complete, or (2) the taxable year immediately following the "allocation year" for which the film has been allocated credit by the Governor's office.  Credits of at least $1 million but less than $5 million will be paid out pro ratably over a two year period beginning in the FIRST taxable year in which the credit may be claimed.  For credits of $5 million or more, the credits are paid out pro ratably over a three year period beginning in the FIRST taxable year in which the credit may be claimed.  Post production costs incurred in New York will only qualify for the incentive if 75% or more of all post production costs are incurred in New York.  In addition, except with respect to an independent film or pilot, at least 10% of the total principal photography days must be spent in a qualified film production facility.  It is anticipated that some form of this proposed bill will be passed in early April.

For more information please contact:

Joe Bessacini
Vice President, Film & TV Production Incentives
818-480-4427
jbessacini@castandcrew.com

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