With New Jersey nipping at its heels and producers complaining about tardy payouts, New York Governor Kathy Hochul’s latest budget for New York State, out today, raises the tax credit for film and television production back to 30%, boosts the annual cap to $700 million, modifies payout terms and attemp to lure TV production from other states in a new incentive package that woud run through 2034.
The changes, which must be approved by legislators, are meant to draw filming to the state. A key provision would increase the credit from 25% to 30% for eligible production and post-production. The credit had been lowered by former Gov. Andrew Cuomo in 2020, just as other states were increasing their tax incentive programs.
-Modify payout rules, allowing businesses to get paid sooner. Delays in payment have devalued the credit and created negative messaging around the ability of NY to pay out. The payout will now occur before the later of the taxable year the production of the qualified film is complete, or the taxable year for which the film has been allocated credit .
-Incentivize the relocation of TV series that are filming elsewhere with a 5% bump for two years. Series need to have filmed 6+ episodes in other jurisdictions before relocating to NYS. A required minimum budget of $1,000,000 per episode — intended to weed out smaller productions.
Source: Entertainment Trends (entertainmenttrends.net)
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