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SAVE THE NY TAX CREDITS!

by
in Filmmaking
on Feb 9, 2009

As I posted below, New York has run out of money to fund its film and televsion tax credit program. In a New York Post article entitled “TV and Film Tax Credit Program, Hollywood on the Hudson, Runs Out of Money,” Governor Patterson’s office is quoted as saying that the budget due to be presented in April does not include further funds for the program.

From the Post:

When the program was begun in 2004, the state budgeted $425 million to fund its share of tax credits through 2013. But the funds were used up faster than expected, due in part to Gov. Paterson’s move last year to raise the credit from 10 percent to 30 percent.

A Paterson spokesman said yesterday that there is no additional funding for the tax credits included in his latest budget proposal.

Assemblyman Michael Gianaris (D-Queens) insisted that state lawmakers would have to step in and add the money to the budget – or face the prospect of the state losing thousands of jobs.

“This has been the single most effective economic-development and jobs-creation program in history,” said Gianaris, whose district includes the Kaufman Astoria Studios. “To let it expire would be insane.”

For New Yorkers in the film business as well as the myriad of service industries that support the film business, this is really terrible. The film tax credits have been integral in a healthy N.Y. production economy and have made the state competitive with other states who have similar and in some cases higher credits. And, the New York tax credit program has been a model of transparency; its administration has been free of some of the problems affecting other states and their film programs.

If you are a New Yorker in the film business, please take a moment to sign the “Save New York State’s TV and Film Tax Credits Petition” and please contact your elected representatives to let them know that this program is important to you.

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