A FIVE SPOT DON’T COME FOR FREE
Tne NYC production community, which, for the purposes of pitching projects and raising money, has gotten used to automatically knocking off 15% from its production budgets may have to revise its spreadsheet calculators. Articles in The New York Times and Gothamist both reference an upsetting development: the New York City tax credit program for film has been a victim of its own success. The $50 million allocated by the legislature for four years of the program has run out in only 13 months and, for now, producers aren’t guaranteed it will be renewed. (It is due to come up for re-consideration at the new meeting of the Legislature).
The official word is here.