§ 242 — Reports on the digital gaming industries in New York

§ 242. Reports on the digital gaming industries in New York. 1. The\ndepartment of economic development shall file a report on a biannual\nbasis with the director of the division of the budget and the\nchairpersons of the assembly ways and means committee and senate finance\ncommittee. The report shall be filed no later than thirty days before\nthe mid-point and the end of the state fiscal year. The first report\nshall cover the calendar half year that begins on January first, two\nthousand twenty-four. Each report must contain the following information\nfor the covered calendar half year:\n (a) the total dollar amount of credits allocated pursuant to section\nforty-five of the tax law during the half year, broken down by month;\n (b) the number of digital gaming projects, which have been allocated\ntax credits of less than one million dollars per project, and the total\ndollar amount of credits allocated to those projects;\n (c) the number of digital gaming projects, which have been allocated\ntax credits of more than one million dollars, and the total dollar\namount of credits allocated to those projects;\n (d) a list of each eligible digital gaming project and for each of\nthose projects, (i) the estimated number of employees associated with\nthe project, (ii) the estimated qualifying costs for the project, (iii)\nthe estimated total costs of the project, (iv) the credit eligible\nemployee hours for each project, and (v) total wages for such credit\neligible employee hours for each project; and\n (e) (i) the name of each taxpayer allocated a tax credit for each\nproject and the county of residence or incorporation of such taxpayer\nor, if the taxpayer does not reside or is not incorporated in New York,\nthe state of residence or incorporation; however, if the taxpayer claims\na tax credit because the taxpayer is a member of a limited liability\ncompany, a partner in a partnership or a shareholder in a subchapter S\ncorporation, the name of each limited liability company, partnership or\nsubchapter S corporation earning any of those tax credits must be\nincluded in the report instead of information about the taxpayer\nclaiming the tax credit, (ii) the amount of tax credit allocated to each\ntaxpayer; provided however, if the taxpayer claims a tax credit because\nthe taxpayer is a member of a limited liability company, a partner in a\npartnership or a shareholder in a subchapter S corporation, the amount\nof tax credit earned by each entity must be included in the report\ninstead of information about the taxpayer claiming the tax credit, and\n(iii) information identifying the project associated with each taxpayer\nfor which a tax credit was claimed under section forty-five of the tax\nlaw.\n 2. The department of economic development shall file a report on a\ntriennial basis with the director of the division of the budget and the\nchairpersons of the assembly ways and means committee and senate finance\ncommittee. The first report shall be filed no later than March first,\ntwo thousand twenty-five. The report must be prepared by an independent\nthird party auditor and include: (a) information regarding the empire\nstate digital gaming production credit program including the efficiency\nof operations, reliability of financial reporting, compliance with laws\nand regulations and distribution of assets and funds; (b) an economic\nimpact study prepared by an independent third party of the program; and\n(c) any other information or statistical information that the\ncommissioner of economic development deems to be useful in analyzing the\neffects of the programs.\n 3. In the event that this tax credit program is no longer legally in\neffect, the department shall not be required to produce the reports\nreferenced in subdivisions one and two of this section.\n