New York film tax credit
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New York State Budget Includes Expansion of Film and Television Tax Credits
New York state’s just-passed fiscal year 2024 budget includes an expansion of the New York Film Tax Credit, Governor Kathy Hochul announced yesterday. The amount allocated to the program has been raised substantially, from $420 million per year to $700 million. Additionally, the base credit, which was reduced to 25% in 2020, has been raised to its prior level of 30%. And within the details are other significant changes. For the first time, the New York credit will apply to above-the-line costs. Salaries of writers, directors, “specific producers,” actors, and composers will be eligible for the credit, capped at $500,000 […]
by Scott Macaulay on May 4, 2023 -
Late Fees: New York State’s Film Tax Credit Delays
Increasing delays in receiving the New York State film tax credit are affecting profitability and even dissuading some from shooting in the state, say a number of independent producers. What has long been one of the most robust and dependable of tax credits in the nation has become less appealing to producers and financiers due to timelines that can stretch out to five years from the start of principal photography. These lengthening timelines, especially in the face of rising interest rates, affect independent films needing to borrow against the credit more than studio and streamer productions, which are often fully […]
by Scott Macaulay on Mar 16, 2023
