NEW YORK — The Governor’s Office for Motion Picture and Television Development reports that in less than two months since Governor Cuomo signed legislation to expand the post production tax credit, ten production companies have already agreed to do their post work in New York, generating a projected $7.7 million in direct economic spending activity.
On July 24, Governor Cuomo signed legislation that strengthens existing incentives to attract additional film post production activity to all regions of New York (www.nylovesfilm.com). The law signed by the Governor increases the percentage of tax credits available for projects that did not film in New York but will now qualify for credits for post production work done in New York.
Under the new law, the qualified film and television post production credit increases from 10 percent to 30 percent in the New York metropolitan commuter region, including New York City and Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk and Westchester counties. An additional five percent (for a total of 35 percent) in tax credits would be available for post production expenditures in locations elsewhere in the state.
“Under the leadership of Governor Cuomo, the state's television and film incentives program is attracting new business that is resulting in more investment in New York and more jobs for New Yorkers,” notes Empire State Development president, CEO & commissioner Kenneth Adams. “Bringing in ten new projects in less than two months shows that the state’s new post production tax credit program is clearly working to grow New York’s film and television industry.”
From November 2010 to June 2012, when the post production incentive credit was 10 percent and filming had to be done in New York, only 18 applications were received, with a projected spend of just over $20 million.