Bill > S04661

This bill requires third-party verification of applications for the Empire State film production and post-production tax credits starting January 1, 2026. Specifically, film production companies and independent film production companies seeking these tax credits must submit a verification performed by approved, in-state certified public accountants (CPAs) as part of their final credit application. The Department of Economic Development will maintain a list of qualified CPAs and develop procedures and performance standards for these verification services. CPAs who fail to meet these standards will be immediately removed from the approved list. Importantly, the costs of this third-party verification cannot be claimed as an expense for the purpose of the tax credit. The goal appears to be adding an additional layer of independent review and accountability to the film production tax credit application process, ensuring that claims are thoroughly and objectively examined before credits are granted.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S4661