Tuesday, April 11, 2017

New York State’s Film Production Incentive Gets Three-Year Extension

New York State’s newly approved budget, passed by the state senate nine days after the April 1 start of the fiscal year, includes a three-year extension of the Film Production Tax Credit program, the production incentive that has helped make New York — both state and city — a hotbed of production activity in recent years.
The overall $153.1 billion budget includes provisions for the three-year extension of a production incentives program that hadn’t been set to expire until 2019. As proposed by New York Governor Andrew Cuomo, the new extension brings the expiration date up to 2022, reupping with $420 million per year to sustain a program that includes fully refundable tax credits of 30% on productions and post-production costs incurred in New York state, plus an additional 10% credit on projects with budgets of more than $500,000. 
For more information, read Gordon Cox's article in Variety by clicking here.

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