New York Extends Film Tax Incentive Program

 

NY Secures Foothold as East Coast Capital of Film Making

 

New York continues to be one of the country’s premier locations for TV and film production and in recognition of the incentive program that’s grown the industry, Governor Andrew Cuomo has extended the budget funding for the program through 2022 at $420 million per year. While New York, as the largest metropolis in the US, has always been a prime location for filmmaking, the current program, started in 2004, has expanded the program into the largest with a capped budget. The 30% credit on New York Expenditures provided over $15 billion in spending and roughly 934,000 new hires from 2011-2016 through production of over 1,000 projects. While New York may still be behind California in terms of volume of production, the credit program has given the permanent industry a strong foothold on the East Coast.

KPM’s Take

Governor Cuomo’s endorsement of the credit will undoubtedly encourage continued growth of the industry in the Empire State. During 2005 through 2015, production increased over 300% with the incentive program and employees moved in droves to the state by over 350% providing even more indirect benefits to the state. The state regularly hosts films, TV series, pilots with wide ranging budgets filmed all over the state. New York’s program provides the option for an Agreed Upon Procedures report which can submitted with the film credit application to expedite the receipt of the credit. Projects may also use the post production credit for post work done only in New York.

The state’s endorsement of the program for years to come means even more growth for the industry as it continues to expand and provide robust economic benefits for the state.

Want to Learn More About the NY Film Tax Incentive Program?

Are you considering a location for your next project and wonder how Tax Incentive programs can help determine where you shoot? Check out our interactive map for details about each state’s program. Then talk to our practice leader to see if we can help your project qualify. You can reach us at (781) 849-5357 or filmcredits@kpm-us.com.