31*2 - Empire state film post production credit.

* §  31.  Empire  state  film post production credit. (a) Allowance of  credit. (1) A taxpayer which is a qualified film production company, and  which is subject to tax under  article  nine-A  or  twenty-two  of  this  chapter,  unless  eligible  for  the credit under section twenty-four of  this article with respect to the qualified  film,  shall  be  allowed  a  credit  against  such  tax,  pursuant  to  the  provisions referenced in  subdivision (c) of this section to  be  computed  as  provided  in  this  subdivision.    (2)  The  amount of the credit shall be the product (or pro rata share  of the product, in the case of a member of a partnership) of ten percent  and the qualified post production costs paid  in  the  production  of  a  qualified film at a qualified post production facility.    (3)  A  taxpayer  shall  not be eligible for the credit established by  this section unless the qualified post production costs at  a  qualified  post  production  facility  meet  or  exceed seventy-five percent of the  total post production costs paid or incurred in the post  production  of  the  qualified film at any post production facility. The credit shall be  allowed for the taxable year in which the production of  such  qualified  film is completed.    (4)  No  qualified  post production costs used by a taxpayer either as  the basis for the allowance  of  the  credit  provided  for  under  this  section or used in the calculation of the credit provided for under this  section shall be used by such taxpayer to claim any other credit allowed  pursuant to this chapter.    (b)  Definitions.  As  used  in this section the following terms shall  have the following meanings:    (1) "Qualified film production company"  and  "qualified  film"  shall  have  the  same  meaning  as  are  ascribed  to  such  terms  by section  twenty-four of this article.    (2) "Post production costs" means production of original content for a  qualified  film  employing  traditional,  emerging  and   new   workflow  techniques   used  in  post-production  for  picture,  sound  and  music  editorial, rerecording  and  mixing,  visual  effects,  graphic  design,  original  scoring,  animation,  and  musical  composition; but shall not  include the editing of previously produced content for a qualified film.    (3) "Post production facility" means  a  building  and/or  complex  of  buildings  and  their improvements on which film are intended to be post  produced.    (4) "Qualified post  production  facility"  means  a  post  production  facility located in the state, engaged in finishing a qualified film.    (c)  Notwithstanding  any  other provision of law to the contrary, the  aggregate amount of tax credits available under this section  shall  not  exceed  the amounts allowed pursuant to subdivision (e) of section seven  of part P of chapter sixty of the laws of two thousand four and shall be  allocated in the same manner as  provided  for  in  subdivision  (a)  of  section  seven  of  part  P of chapter sixty of the laws of two thousand  four.    (d) Cross-references. For application of the credit  provided  for  in  this section, see the following provisions of this chapter:    (1) article 9-A: section 210: subdivision 41.    (2) article 22: section 606: subsection (qq).    * NB There are 2 § 31's