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Friday, April 11, 2008

Tax Credit tripled for NYC filmmakers

Great news! As reported in Variety:

“New York state is about to triple its tax credit for film and TV productions shooting within its borders in a bid to regain an edge over its credit-happy neighbors Connecticut, New Jersey and Massachusetts.

The state legislature late Wednesday approved a budget that includes a major revision of the existing tax incentive program. The revision extends the program by two years to 2013 and takes the total credit to 30% of all below-the-line costs from 10%.

New York City also offers a 5% credit, so city shoots can reap a total of 35%. Under the revision, the credit will also be granted in one lump sum, rather than the current method of spreading it across two years of tax returns. The single payment is viewed as a boon to investors or producers.”

New York artists had been concerned that because of Governor Spitzer’s resignation, the incentive program would not get pushed through the state legislature. So, we are not breathing a sigh of relief that we can start courting these projects back to our state!

4 COMMENTS - Click to READ:

Anonymous said...

I added your blog I hope you dont mind. This is my blog.

Erin Cronican said...

I don't mind at all- that is fantastic! Thanks a million.

Abundance Bound said...

Great news for you, maybe, but for those of us languishing in California, it just makes us feel bitter, resentful and unloved. Curse you. Curse you!

OK, maybe not, but CA really needs to get its act together regarding tax credits... especially ironic given who our Governor is.

I will be re-posting as well, if that is OK.

Erin Cronican said...

Absolutely- post away!

It was about time that NY got some advantage- the permits can be expensive and there is very little studio space. It is always so depressing to see shows that are set in NYC being shot in LA!

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