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 240.10 - Annual report

Current through Register Vol. 46, No. 28, July 10, 2024
The department shall submit to the Governor, the Temporary
				  President of the Senate, and the Speaker of the Assembly, an annual report on
				  February 1st of each year evaluating the effectiveness of the program in
				  stimulating the growth of the musical and theatrical industry in the State.
				  Such report shall include, but need not be limited to, in total and by
				  qualified musical and theatrical production, the number of qualified musical
				  and theatrical productions which received a musical and theatrical production
				  credit, the qualified production expenditures, the transportation expenditures,
				  the qualified production facilities, and the credit amounts claimed by each
				  qualified musical and theatrical production, as well as the impact on
				  employment and the economy of the state. Such report shall include:
(a) the credit-eligible man hours for each
				project and the total wages for such credit-eligible man hours for each project
				as well as the name of each taxpayer allocated a tax credit for each project
				and the county of residence or incorporation of such taxpayer or, if the
				taxpayer does not reside or is not incorporated in New York, then the state of
				residence or incorporation; provided however, if the taxpayer claims a tax
				credit because the taxpayer is a member of a limited liability company, a
				partner in a partnership or a shareholder in a subchapter S corporation, the
				name of each limited liability company, partnership or subchapter S corporation
				earning any of those tax credits must be included in the report instead of
				information about the taxpayer claiming the tax credit; and
(b) the amount of tax credit allocated to
				each taxpayer; provided, however, if the taxpayer claims a tax credit because
				the taxpayer is a member of a limited liability company, a partner in a
				partnership or a shareholder in a subchapter S corporation, the amount of tax
				credit earned by each entity must be included in the report instead of
				information about the taxpayer claiming the tax credit, and information
				identifying the project associated with each taxpayer for which a tax credit
				was claimed under this section, including the name of the musical and
				theatrical production and county in which the production is performed must be
				included in such report. Such report shall be based on data available from the
				final application filed with the department. Notwithstanding any provision of
				law to the contrary, the information contained in the report shall be public
				information. The report may also include any recommendations of changes in the
				calculation or administration of the credit, and any other recommendation of
				the commissioner regarding modification or repeal of the Program, and such
				other information regarding the Program as the commissioner determines useful
				and appropriate.