Governor Cuomo has signed a bill that expands existing tax credits meaning to attract film-post production to NY. The bill hopes to add to the more than $7 billion spent by the state on film since 2004. According to Capitol Confidential, “Under the new law, the qualified film and television post production credit increases from 10 percent to 30 percent in the New York metropolitan commuter region, including New York City and Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk and Westchester counties.” Additionally, the bill allows for a total of 35 percent in tax credits for post-production costs in locations elsewhere in the state. This additional five percent is designed to encourage investment in and construction of new facilities in Upstate New York.
The tax credit film program began in NY in 2004, and is worth approximately $420 million each year. Since the beginning, there have been 727 applicants, and 473 have been completed or received credit to date, and there have been about 522,000 hires in the film and television industry because of the program.
Many are hoping that the new law will continue to offer an incentive for major film and television productions. The new law goes into effect immediately.