New York Governor Andrew Cuomo boosts tax credit from 10 to 30 percent
In an effort to draw the film business to New York, Governor Andrew M. Cuomo has tripled the tax credit available for post-production film activity performed in New York City and adjacent areas.
The tax credit has been increased from 10 percent to 30 percent in New York City as well as Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk and Westchester counties.
An additional 5 percent tax credit will be available for post-production expenditures in upstate New York. The added incentive for upstate is intended to encourage the creation of new facilities in the area.
The governor's office said in a press release Tuesday that the post-production incentive program, which was launched in 2010, has only attracted 19 applications in two years with its 10 percent credit.
Overall, however, the state's film tax credit program, which was launched in 2004, has drawn 727 applications for projects that, when completed, will represent an estimated $11.3 billion in spending, and has been responsible for 522,000 film and television hires in New York state. So far, the state has issued $1.04 billion for completed projects, which have generated $7.57 billion.
“New York State’s program of incentives to attract film and television productions to New York has been a tremendous success, generating billions of dollars in economic impact and supporting hundreds of thousands of hires,” Cuomo said. “However, there is potential for this industry to make new investments in communities across the state and in doing so, help make New York the television and film capital of the world.”