New York Codes, Rules and Regulations › Title 5 - DEPARTMENT OF ECONOMIC DEVELOPMENT › Chapter XXIV - MUSICAL AND THEATRICAL PRODUCTION TAX CREDIT PROGRAM › Part 240 - EMPIRE STATE MUSICAL AND THEATRICAL PRODUCTION TAX CREDIT PROGRAM › Section 240.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
As used in this regulation, the following terms shall have
				  the following meanings:
(a)
Authorized applicant
means a qualified musical and theatrical
				production company that is scheduled to begin the technical period for a
				qualified musical and theatrical production after submitting an initial
				application to the department.
(b)
Certificate of conditional eligibility
means a notification by
				the department to the authorized applicant indicating that the applicant
				appears to be a qualified musical and theatrical production company scheduled
				to complete a qualified touring production. Such notification may include, but
				is not limited to, the following information: name and address of the
				authorized applicant, taxpayer identification number, a statement that the
				authorized applicant appears to be scheduled to complete a qualified touring
				production, and a disclaimer stating that actual receipt of the tax credit is
				subject to completion and approval of the final application.
(c)
Certificate of tax
				credit
means a certificate issued by the department which states the
				amount of the Empire State Musical and Theatrical Production Tax Credit that
				the approved applicant has qualified for based on the department's analysis
				under section
				24-a of the Tax Law and the provisions of
				this Part. Such certificate shall include, but not be limited to, the following
				information: name and address of the approved applicant, name of the qualified
				musical or theatrical production to which the credit applies, the amount of the
				tax credit to be received by the approved applicant, the allocation year of the
				tax credit, a disclaimer stating that the tax credit shall not be claimed
				before the later of either the taxable year the production of the qualified
				musical or theatrical production is complete or the taxable year immediately
				following the allocation year for which the musical or theatrical production
				has been allocated credit, and a disclaimer stating that actual receipt of the
				tax credit is subject to the statutory maximum amount of credits that are
				allocated for the program.
(d)
Commissioner
means the Commissioner of the New York State
				Department of Economic Development.
(e)
Completeness of the
				application
means that all questions on the application itself were
				fully addressed by the applicant and that any additional substantiating
				documents that were requested by the department were provided.
(f)
Completion of a qualified touring
				production
means that a qualified musical or theatrical production
				company has completed a qualified touring production, consisting of at least
				eight shows in three or more localities.
(g)
Department
means the New
				York State Department of Economic Development.
(h)
Final application
means
				a document created by the department and submitted by an approved applicant
				which contains information concerning actual production expenditures regarding
				a qualified musical or theatrical production that could make it eligible for
				the Empire State Musical and Theatrical Production Tax Credit under section
				24-a of the Tax Law and the provisions of
				this Part. Such application shall include, but not be limited to: actual data
				with regard to the qualified musical or theatrical production's total
				production budget, the total musical and theatrical production costs at musical
				and theatrical production facilities in and outside of New York, and any other
				information the department determines is necessary.
(i)
Initial application
means a document created by the department and submitted by an authorized
				applicant which contains information concerning projected musical and
				theatrical production expenditures regarding a qualified musical or theatrical
				production that could make it eligible for the Empire State Musical and
				Theatrical Production Tax Credit under section
				24-a of the Tax Law and the provisions of
				this Part. Such application shall include, but is not limited to, the following
				information: the number of shows scheduled to be performed and the venues in
				which these shows will be performed, the estimated total production budget for
				the qualified musical or theatrical production, estimates of musical and
				theatrical production expenditures at qualifying musical and theatrical
				production facilities, estimates of musical and theatrical production
				expenditures in New York State and outside of New York State, and any other
				information the department determines is necessary.
(j)
Program
means the Empire
				State Musical and Theatrical Production Tax Credit Program.
(k)
Qualified musical and theatrical
				production
means a for-profit live, dramatic stage presentation in a
				qualified production facility, certified pursuant to this Part, as a qualified
				touring production.
(l)
Qualified musical and theatrical production company
means a
				corporation, partnership, limited partnership, or other entity or individual
				which or who is principally engaged in the production of a qualified musical or
				theatrical production and performs in a qualified production
				facility.
(m)
Qualified
				production expenditure
means any costs for tangible property used and
				services performed directly and predominantly in the production of a qualified
				musical and theatrical production within the state including:
(1) expenditures for design, construction and
				operation, including sets, special and visual effects, costumes, wardrobes,
				make-up, accessories and costs associated with sound, lighting, and
				staging;
(2) all salaries, wages,
				fees, per diems, payroll tax expenditures, fees for workers' compensation
				insurance, and other compensation including related benefits for services
				performed of which the total allowable expense shall not exceed $200,000 per
				week; and
(3) technical and crew
				production costs, such as expenditures for qualified production facilities, or
				any part thereof, props, make-up, wardrobe, costumes, equipment used for
				special and visual effects, sound recording, set construction, and lighting.