Sec. 230.1. Purpose and general description

(a) The purpose of this Part is to set forth the application process for the Empire State Post Production Tax Credit Program established by chapter 57 of the Laws of 2010 and amended by chapter 59 of the Laws of 2013. These regulations establish procedures for the allocation of such credits, including, but not limited to, the application process, standards for evaluation of applications, and other provisions deemed necessary and appropriate. The Department of Economic Development shall administer the program, including the issuance of tax credit certificates.

(b) A taxpayer which is a qualified film production company, and which is subject to tax under article 9-A or 22 of the Tax Law, unless eligible for the film production credit under section 24 of the Tax Law with respect to the qualified film, shall be allowed a credit against such tax, pursuant to the provisions referenced in subdivision (c) of section 31 of the Tax Law.