§ 7-01 Purpose and General Description.
RCNY § 7-01
(a)The purpose of these regulations is to set forth the application process for the New York City Made In New York Film Production Tax Credit program established by Local Law Number 2 of the Year 2005, as amended by Local Law No. 24 of the Year 2006, pursuant to subdivision (b) of § 1201-a of the Tax Law. The Mayor's Office of Film, Theatre and Broadcasting has authority to promulgate regulations to establish procedures for the allocation of such credits including, but not limited to, the application process, standards for application evaluations, and any other provisions deemed necessary and appropriate. The Mayor's Office of Film, Theatre and Broadcasting shall administer the program, including the issuance of tax credit certificates. These regulations do not govern the New York State film production tax credit program. Eligibility in and receipt of a tax credit in the New York State program does not guarantee eligibility in or receipt of a tax credit in the New York City Made In New York film production tax credit program. In addition, eligibility in and receipt of a tax credit in the New York City Made In New York film production tax credit program does not guarantee eligibility in or receipt of a tax credit in the New York State program.
(b)A taxpayer which has been issued a certificate of tax credit shall be allowed to claim a New York City Made in New York film production tax credit pursuant to § 11-503(m) or 11-604(20) of the Administrative Code of the City of New York, whichever is applicable.
(c)Such tax credit shall only be allowed with respect to a qualified film that is completed on or after January 1, 2005. For this purpose, a film will be considered completed upon substantial completion of post-production.
