A 8200: Requires third-party verification of an application to receive the Empire State film production credit and the Empire State film post production credit by approved certified public accountants.

  
  STATE OF NEW YORK ________________________________________________________________________ 8200 2025-2026 Regular Sessions  IN ASSEMBLY May 5, 2025 ___________ Introduced by M. of A. TAPIA -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to requiring third-party verification of an application to receive the Empire State film production credit and the Empire State film post production credit The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision (a) of section 24 of the tax law is amended by 2 adding a new paragraph 6 to read as follows: 3 (6) (i) For the purposes of this paragraph, the term "approved certi- 4 fied public accountants" shall mean independent, third party, in-state 5 certified public accountants approved by the department of economic 6 development to provide third-party verification services required under 7 this paragraph. 8 (ii) On or after January first, two thousand twenty-six, a taxpayer 9 which is a qualified film production company, or a qualified independent 10 film production company, or which is a sole proprietor of or a member of 11 a partnership which is a qualified film production company or a quali- 12 fied independent film production company, and which is subject to tax 13 under articles nine-A or twenty-two of this chapter, shall, as a condi- 14 tion for the granting of the credit as part of the taxpayer's final 15 application for the credit, submit to the department of economic devel- 16 opment a third-party verification of their final application performed 17 by approved certified public accountants. The costs of such third-party 18 verification shall not be claimed as an expense for the purposes of this 19 section. 20 (iii) The department of economic development shall maintain a list of 21 certified public accountants which shall be utilized to provide the 22 third-party verification services pursuant to this paragraph. The 23 department of economic development shall develop procedures and perform- 24 ance standards for such certified public accountants and any certified EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09244-01-5 
 A. 8200 2 1 public accountants failing to meet the requirements of such procedures 2 and performance standards shall be removed from the list immediately. 3 § 2. Subdivision (a) of section 31 of the tax law, as added by section 4 12 of part Q of chapter 57 of the laws of 2010, is amended by adding a 5 new paragraph 7 to read as follows: 6 (7) (i) For the purposes of this paragraph, the term "approved certi- 7 fied public accountants" shall mean independent, third party, in-state 8 certified public accountants approved by the department of economic 9 development to provide third-party verification services required under 10 this paragraph. 11 (ii) On or after January first, two thousand twenty-six, a taxpayer 12 which is a qualified film production company, or a qualified independent 13 film production company, or which is a sole proprietor of or a member of 14 a partnership which is a qualified film production company or a quali- 15 fied independent film production company, and which is subject to tax 16 under articles nine-A or twenty-two of this chapter, shall, as a condi- 17 tion for the granting of the credit as part of the taxpayer's final 18 application for the credit, submit to the department of economic devel- 19 opment a third-party verification of their final application performed 20 by approved certified public accountants. The costs of such third-party 21 verification shall not be claimed as an expense for the purposes of this 22 section. 23 (iii) The department of economic development shall maintain a list of 24 certified public accountants which shall be utilized to provide the 25 third-party verification services pursuant to this paragraph. The 26 department of economic development shall develop procedures and perform- 27 ance standards for such certified public accountants and any certified 28 public accountants failing to meet the requirements of such procedures 29 and performance standards shall be removed from the list immediately. 30 § 3. This act shall take effect immediately.