Yahoo Autos New York Gov. Kathy Hochul’s Budget Extends State Film/TV Production Tax Credits By Three Years To 2029
Gov. Kathy Hochul proposed extending New York State’s film and television production tax credit by three years — through 2029 – in a budget she presented today.
The proposed executive budget plan for fiscal 2023 doesn’t elaborate on the credits – they show up as a line item in a section of chart called ‘Other Key Tax Cuts and Credits.’ Details are being worked on and there could be some new stipulations and requirements.
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The program, which provides credits of $420 million per year for film and television productions, currently runs through 2026. It offers a 25% credit for qualified production and post-production costs incurred in-state, with additional credits of up to 10% on labor costs in dozens of counties outside of New York City’s five boroughs.
“We’re happy about this. It’s very positive and it is totally aligned with what we have been doing in the industry in terms of job creation and broader economic activity. We’ve also been one of the most resilient industries in the state during Covid-19,” said Flo Mitchell-Brown, chair of industry group the New York Production Alliance, of the extension.
The $216 billion budget is Hochul’s first since the former Lieutenant Governor stepped up to the top job after her one-time boss Andrew Cuomo resigned under a cloud in August amid multiple allegations of sexual impropriety. She’s running in Nov. and has a hefty lead ahead of the Democratic primary in June. (NYC’s recent ex-Mayor Bill De Blasio announced today he’s scrapping plans to run for governor himself as Hochul leads him by 46% to 12% in polls.)
