NEW YORK FILM TAX CREDIT EXTENDED; POST CREDIT ADDED
It’s nice to end the week on some good news.
From an email I received from the New York State Governor’s Office of Film and Television:
New York State’s Film Production Tax Credit Program has been extended and expanded to provide multi-year support of $420 million per year.
New York State also introduces its first free standing post production credit.
New York State’s 2010-2011 Executive Budget includes a multi-year agreement to extend and expand New York State’s Film Production Tax Credit Program, sustaining the state’s 30 percent Film Production Credit program for another five years.
In addition, a new incentive has been created to encourage projects not shot in the state, or that don’t qualify for the production credit, to do their post production in New York. Eligible productions that complete 75 percent of their post production in New York can now apply for a 10% credit for the post production work done in NY.
The new program includes some significant changes and augmentations which should be considered when applying. For specific questions about both programs please call the New York State Governor’s Office for Motion Picture & Television Development at 212-803-2330.
Amended forms and regulations are currently being developed. Please continue to check our website – www.nylovesfilm.com – for updates.
We’ll make sure to report on the “significant changes and augmentations” as soon as we learn them.