THE INCENTIVES PROGRAM - TIP

On October 25, 2023, Governor Kathy Hochul signed Assembly Bill 7757 and Senate Bill 7562 into law, thereby amending the claiming process of credits under empire state film production credit and postproduction credit, as follows:
For qualified projects that filed an initial application before April 1, 2023, no empire state film production credit may be claimed before the later of:

• The taxable year the production of the qualified film is complete; or,
• The taxable year immediately following the allocation year for which the film has been allocated credit by the department of economic development; and,

For qualified projects that filed an initial application on or after April 1, 2023, no empire state film production credit may be claimed before the later of:

• The taxable year the production of the qualified film is complete; or,
• The taxable year that includes the last day of the allocation year for which the film has been allocated credit by the department of economic development.

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Assembly Bill 7634 and Senate Bill 7422 propose to amend the film production and postproduction credit by excluding a production which uses artificial intelligence in a manner which results in the displacement of employees whose salaries are qualified expenses from the definition of qualified film, unless such replacement is permitted by a current collective bargaining agreement covering such employees.
If enacted, this act shall take effect immediately.

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