As Deadline has reported, the incentives would raise the tax credit for film and television production back to 30% from 25% and boost the annual cap from $420 million to $700 million in a new package that runs through 2034.
The credit had been lowered by former Gov. Andrew Cuomo to 25% in 2020, just as other states were increasing their tax incentive programs.It wasn’t immediately clear if other provisions, like an additional 5% bump to incentivize relocation of TV series that are filming elsewhere, or terms for faster payment are also still in there. NY remains a big production destination but other states have been ramping up incentives, including neighboring New Jersey.
Gov. Hochul announced today that she and state lawmakers had agreed on a tentative $229 billion state budget. Several contentious issues — bail law, funding for charter schools, raising the minimum wage — had delayed the passage by more than a month — making this the latest budget in over a decade. The incentive package had not included any change a measure requiring a film to have a budget of $1 million in NYC to be eligible for tax credit. Filmmakers have called that a high bar in a city with deep ties to independent film, which has been going elsewhere. However, the minimum budget is only $250k north of Westchester County.
Source: Entertainment Trends (entertainmenttrends.net)
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