* § 31. Empire state film post production credit. (a) Allowance of\ncredit. (1) A taxpayer which is a qualified film production company, and\nwhich is subject to tax under article nine-A or twenty-two of this\nchapter, unless eligible for the credit under section twenty-four of\nthis article with respect to the qualified film, shall be allowed a\ncredit against such tax, pursuant to the provisions referenced in\nsubdivision (c) of this section to be computed as provided in this\nsubdivision.\n (2) The amount of the credit shall be the product (or pro rata share\nof the product, in the case of a member of a partnership) of thirty\npercent and the qualified post production costs paid in the production\nof a qualified film at a qualified post production facility located\nwithin the metropolitan commuter transportation district as defined in\nsection twelve hundred sixty-two of the public authorities law or\nthirty-five percent and the qualified post production costs paid in the\nproduction of a qualified film at a qualified post production facility\nlocated elsewhere in the state.\n (3) (i) A taxpayer shall not be eligible for the credit established by\nthis section for qualified post production costs, excluding the costs\nfor visual effects and animation, unless the qualified post production\ncosts, excluding the costs for visual effects and animation, at a\nqualified post production facility meet or exceed one million dollars or\nseventy-five percent of the total post production costs, excluding the\ncosts for visual effects and animation, paid or incurred in the post\nproduction of the qualified film at any post production facility,\nwhichever is less. (ii) A taxpayer shall not be eligible for the credit\nestablished by this section for qualified post production costs which\nare costs for visual effects or animation unless the qualified post\nproduction costs for visual effects or animation at a qualified post\nproduction facility meet or exceed five hundred thousand dollars or ten\npercent of the total post production costs for visual effects or\nanimation paid or incurred in the post production of a qualified film at\nany post production facility, whichever is less. (iii) A taxpayer may\nclaim a credit for qualified post production costs excluding the costs\nfor visual effects and animation, and for qualified post production\ncosts of visual effects and animation, provided that the criteria in\nsubparagraphs (i) and (ii) of this paragraph are both satisfied. The\ncredit shall be allowed for the taxable year in which the production of\nsuch qualified film is completed.\n (4) No qualified post production costs used by a taxpayer either as\nthe basis for the allowance of the credit provided for under this\nsection or used in the calculation of the credit provided for under this\nsection shall be used by such taxpayer to claim any other credit allowed\npursuant to this chapter.\n (5) If the amount of the credit is at least one million dollars but\nless than five million dollars, the credit shall be claimed over a two\nyear period beginning in the first taxable year in which the credit may\nbe claimed and in the next succeeding taxable year, with one-half of the\namount of credit allowed being claimed in each year. If the amount of\nthe credit is at least five million dollars, the credit shall be claimed\nover a three year period beginning in the first taxable year in which\nthe credit may be claimed and in the next two succeeding taxable years,\nwith one-third of the amount of the credit allowed being claimed in each\nyear. Provided, however, in the case of a qualified film for which the\ntaxpayer filed an initial application on or after January first, two\nthousand twenty-five, the credit shall be claimed for the taxable year\nin which such qualified film is completed.\n (6) For the period two thousand fifteen through two thousand\nthirty-six, in addition to the amount of credit established in paragraph\ntwo of this subdiv
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