New York Film Tax Credit Office Releases Agreed Upon Procedures for Post-Production


Updated AUP Goes into Effect 7/25/16



Effective July 25, 2016 the New York Film Tax Credit Office released Agreed Upon Procedures (AUP) for post-production tax credit eligibility. Up to $25 million of the total program credits is allocated in New York for the post-production credit each year. The post-production credit is applicable primarily in cases where filming took place outside of New York state, but post-production work was completed in-state. It should be noted that this AUP is voluntary, however completion of this step will expedite the credit delivery timeline. If an AUP is performed, it must be performed by a pre-qualified CPA firm.

The post-production tax credit includes:

• 30% fully refundable credit on all post for films that don’t shoot in New York State
• That credit increases to 35% if post is done outside the metro region
• That credit increases AGAIN to 45% on labor for certain Upstate counties beginning in 2015
• VFX and Animation qualifying threshold now lowered to 20% of total VFX or Animation budget OR a minimum spend of $3 million (whichever is lower)
• Maintains qualifying threshold for rest of post at 75%
• Increases funding from $7 million to $25 million per year beginning in 2015

Want to know more?

Kevin P. Martin & Associates is a qualified and approved CPA firm for the New York Film Tax Credit. Let us help you
determine if your production may qualify for the production or post-production credits in this state.