In order to preserve and stimulate one of New York's most important and vibrant industries, Assembly Speaker Sheldon Silver, Assembly Ways and Means Committee Chair Herman D. Farrell, Jr. and Assembly Tourism Committee Chair Steve Englebright announced today that the SFY 2009-2010 budget includes $350 million for the New York State Film Production Tax Credit program.
The incentive program allows film and television production companies to apply for tax credits for up to 30 percent of their costs on technical crews, facilities, props, wardrobe, make up and set construction on a project. Established in 2004, the initiative is intended to help maintain New York's standing as a leading location for television film production.
"The technical experts of the film and television industry - set designers, makeup artists, lighting and prop crews - play an important role in our state's economy," said Silver (D-Manhattan). "It is important that during this economic downturn we provide incentives that help sustain thousands of well-paying jobs in the film industry right here in our state. With nearly 100 sound stages in New York City alone, a wealth of qualified technical experts and geographic attractions, the state is a destination for these industries and must remain so."
"Since the implementation of this tax credit program, film and television production in New York has produced billions of dollars in increased economic activity," said Farrell (D-Manhattan). "It has also been an engine of job creation, providing thousands of direct and indirect positions. During a time when many of the state's industries are contracting, it is important to provide incentives that make our state attractive to the film industry."
"From New York City to Long Island, Hudson Valley and Niagara Falls, film and television companies scout our state for shooting locations," said Englebright (D-Setauket). "Still, New York must compete with many other states which offer production incentives. It was critical that this budget recognize that New York's film industry is an important feature of our economy and expand upon the production tax credit program"
Under the enacted budget, film and television companies that qualify for credits of up to $1 million would receive the benefit over the course of one year upon completion of a project. Companies receiving credits between $1 million and $5 million would receive incentives over the course of two years, upon completion of a project. Companies receiving more than $5 million in production credits would receive tax benefits over a three-year period, upon completion of a project.