N.Y. Economic Development Law § 242: Reports on the digital gaming industries in New York

§ 242. Reports on the digital gaming industries in New York. 1. The

department of economic development shall file a report on a biannual

basis with the director of the division of the budget and the

chairpersons of the assembly ways and means committee and senate finance

committee. The report shall be filed no later than thirty days before

the mid-point and the end of the state fiscal year. The first report

shall cover the calendar half year that begins on January first, two

thousand twenty-four. Each report must contain the following information

for the covered calendar half year:

(a) the total dollar amount of credits allocated pursuant to section

forty-five of the tax law during the half year, broken down by month;

(b) the number of digital gaming projects, which have been allocated

tax credits of less than one million dollars per project, and the total

dollar amount of credits allocated to those projects;

(c) the number of digital gaming projects, which have been allocated

tax credits of more than one million dollars, and the total dollar

amount of credits allocated to those projects;

(d) a list of each eligible digital gaming project and for each of

those projects, (i) the estimated number of employees associated with

the project, (ii) the estimated qualifying costs for the project, (iii)

the estimated total costs of the project, (iv) the credit eligible

employee hours for each project, and (v) total wages for such credit

eligible employee hours for each project; and

(e) (i) the name of each taxpayer allocated a tax credit for each

project and the county of residence or incorporation of such taxpayer

or, if the taxpayer does not reside or is not incorporated in New York,

the state of residence or incorporation; however, if the taxpayer claims

a tax credit because the taxpayer is a member of a limited liability

company, a partner in a partnership or a shareholder in a subchapter S

corporation, the name of each limited liability company, partnership or

subchapter S corporation earning any of those tax credits must be

included in the report instead of information about the taxpayer

claiming the tax credit, (ii) the amount of tax credit allocated to each

taxpayer; provided however, if the taxpayer claims a tax credit because

the taxpayer is a member of a limited liability company, a partner in a

partnership or a shareholder in a subchapter S corporation, the amount

of tax credit earned by each entity must be included in the report

instead of information about the taxpayer claiming the tax credit, and

(iii) information identifying the project associated with each taxpayer

for which a tax credit was claimed under section forty-five of the tax

law.

2. The department of economic development shall file a report on a

triennial basis with the director of the division of the budget and the

chairpersons of the assembly ways and means committee and senate finance

committee. The first report shall be filed no later than March first,

two thousand twenty-five. The report must be prepared by an independent

third party auditor and include: (a) information regarding the empire

state digital gaming production credit program including the efficiency

of operations, reliability of financial reporting, compliance with laws

and regulations and distribution of assets and funds; (b) an economic

impact study prepared by an independent third party of the program; and

(c) any other information or statistical information that the

commissioner of economic development deems to be useful in analyzing the

effects of the programs.

3. In the event that this tax credit program is no longer legally in

effect, the department shall not be required to produce the reports

referenced in subdivisions one and two of this section.