HB2229 HFIN AM 3-10
The Committee on Finance moves to amend the bill on page two, section one, line two, following the word "authorized", by striking out the period and inserting a comma and the following:
"with the amendment set forth below:
On page five, subsection 3.1.b.1., line six, by striking out the words "Tax Commissioner" and inserting in lieu thereof the words "Film Office";
On page five, subsection 3.1.b.2., line fourteen, by striking out the words "this article" and inserting in lieu thereof "§§11-13X-1 et seq";
On page six, line seventeen, by striking out "4.1.d." and inserting in lieu thereof "4.1.c.3.";
On page six, line eighteen, by striking out all of subsection 4.1.e. and inserting in lieu thereof a new subsection to read as follow:
"4.1.d. Upon approval of an eligibility application, the eligible company shall begin production within one hundred twenty (120) days of approval, or shall otherwise forfeit the right to claim any tax credit for the approved qualified project. The forfeiture does not preclude the eligible company from resubmitting an eligibility application for the same project at a future date. Upon written request by the eligible company, and prior to the expiration of the one hundred twenty (120) day deadline, the reviewing committee may extend the deadline at its discretion.";
On page six, line twenty-six, by striking out "4.2.c.1." and inserting in lieu thereof "4.2.a.";
On page six, line twenty-eight, by striking out "4.2.c.2." and inserting in lieu thereof "4.2.b.";
On page six, line thirty-two, by striking out "4.2.c.3." and inserting in lieu thereof "4.2.c.";
On page six, line thirty-four, by striking out "4.2.c.4." and inserting in lieu thereof "4.2.d.";
On page seven, line two, by striking out "4.2.d" and inserting in lieu thereof "4.2.e.";
On page nine, line seven, subsection 5.5, following the words "for the application to", by striking out the words "be considered" and inserting the words "maintain its initial position in the queue";
On page nine, beginning on line twelve, by striking out all of subsection 5.5.a. and subsection 5.5.b.;
On page nine, beginning on line twelve, by inserting two new subsections to read as follows:
"5.6. Requests for Increase in Tax Credit Allocation. - If an eligible company seeks an increase in the amount of tax credits for an approved qualified project, the eligible company must submit an application for modification to the Film Office, which must be submitted by and bear the same signature as the person who submitted the original eligibility application, or a duly authorized representative. Requests for an increase will be placed in the order of receipt of all applications, will be assigned a new application number and will be reviewed separately from the original eligibility application. The reviewing committee shall consider such application at its next scheduled meeting, but within thirty (30) days of receipt, and may request additional information from applicant to assist in its evaluation of the request. Approval will be determined using the same criteria of the review process and based on the availability of any remaining credits for the fiscal year in which the request is received. The eligible company will be notified in writing of the reviewing committee's decision.
5.7. Other Revisions to Application. - If an eligible company seeks to revise its original eligibility application for a qualified project for reasons other than those identified in 5.6 of this rule, the eligible company must submit an application for modification to the Film Office, which must be submitted by and bear the same signature as the person who submitted the original eligibility application, or a duly authorized representative. The reviewing committee shall consider such application at its next scheduled meeting, but within thirty (30) days of receipt, and may request additional information from applicant to assist in its evaluation of the request. Approval will be determined using the same criteria of the review process. The eligible company will be notified in writing of the reviewing committee's decision.";
By renumbering the remaining subsections;
And,
On page ten, subsection 6.1., line eight, by striking out "4.1.e." and inserting in lieu thereof "4.1.d.".