New York's film and television incentives program will live on.
Governor Andrew Cuomo's $153.1 billion budget proposal, which includes a three-year extension of the state's film and television incentive program, has passed nine days after the start of the fiscal year. The new approved legislature will keep the program in play through 2022.
The initiative offers refundable tax credits of 30 percent on productions and post-production costs incurred in New York state, plus an additional 10 percent on projects with budgets of more than $500,000. To sustain the program, $420 million will be infused into the initiative each year.
Since 2011, over 1,000 film and TV projects applied for the program and are estimated to have generated a record-breaking 966,854 new hires and $15.3 billion in new spending for the state.
"By securing the full extension of the Film Tax Credit Program, Governor Cuomo has cemented the New York State's position as one of the world's top locations for the highly competitive film and television industry," said Howard Zemsky, Empire State development president, CEO and commissioner. "The three-year extension, through 2022, ensures the state will continue to benefit from the program's significant economic impact, including record-breaking job growth and unprecedented investment in infrastructure, sound stages and post-production facilities, and continue providing a boost to local small businesses and economies throughout the Empire State."
The tax credit program was previously set to expire in 2019, which prompted lobbying efforts to extend the program from MPAA chairman and CEO Chris Dodd and various New York City studio heads.
"MPAA and our member companies applaud Governor Cuomo and the New York Legislature for coming to agreement on a state budget that includes a three-year extension of the production incentive program," said Dodd. "This will ensure stability and predictability for television and motion picture producers that utilize one of the most successful incentive programs worldwide. New York will continue to create thousands of jobs and add billions of dollars to the New York State economy as even more television series and feature film productions will locate in the Empire State."
New York is home to numerous TV shows including Mr. Robot, The Blacklist, Broad City, Madam Secretary and Homeland, among others. However, earlier this year, New York-based series The OA and The Affair announced they would be relocating production to California. On the film side, high-profile reboot Ocean's Eight, Hugh Jackman-starrer The Greatest Showman and Woody Allen's Wonder Wheel all recently shot in the state.