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 […]