Last week, Gov. Cuomo announced that he has signed legislation to enhance incentives offered by the state to attract additional film post-production activity to New York. The new law increases the percentage of tax credits available for projects that did not film in New York but will now qualify for credits for post-production work done in New York.
Under the new law, the qualified film and television post production credit increases from 10 percent to 30 percent in the New York region, and provides an additional 5 percent (for a total of 35 percent) for post-production expenditures in locations elsewhere in the state.
Gov. Cuomo said:
“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. 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. With this legislation, New York is inviting producers, directors, and editors from across the nation to bring their post-production work right here to the Empire State.”
We have had concerns about this tax incentive program providing much more support to New York City than it did to Upstate communities. We are very pleased that this new law recognizes that tax incentives must be structured in manner to enable businesses throughout the state to take advantage of them.