Proposed Major Increase To New York Film and TV Tax Credit
- Posted On:February 03, 2023
The proposed major increase in the state’s film and TV tax incentive coincides with the state looking to compete with California and Georgia to attract productions. In the governor's executive budget, Kathy Hochul proposed increasing the state’s film credit from $420 million to $700 million a year. The credit would also become more generous to each production, raising the rebate from 25% to 30%.
The governor’s office said in a statement “Governor Hochul is focused on growing industries and opportunities across the state and the film and television industry is no different”, they continued with “The proposed enhancement of the film tax credit will grow the film industry and keep New York competitive in this very important sector of our economy which has generated over $20 billion in spending and created 57,300 direct and indirect jobs in the Empire State”.
New York is particularly focused on competition from neighbouring state New Jersey, which offers a higher rebate percentage, ranging from 30% to 39%. New Jersey offers a $100 million program, plus another $200 million for “studio partners” and “film lease partners”.
To read the full story on this proposal and the reasoning why please visit the following link