February 1, 2023
Today, Governor Kathy Hochul announced her proposed FY 2024 New York State Executive Budget, laying out a blueprint for New York’s short and long-term future.
As Governor Hochul asserted in her State of the State, New York is home to unrivaled resources and talent, making it a world-renowned capital of arts and entertainment. To bolster this success and increase the stability and competitiveness of the NYS Film Production and Post-Production Tax Credit Programs, Governor Hochul has proposed the following changes:
- Extend the program by five years, from 2029 through 2034
- Increase annual funding allocation from $420 million to $700 million
For new projects:
- Raise the base credit percent back to 30% from 25%
- Include as qualified costs, above-the- line wages for writers, directors, producers, actors, and composers capped at $500,000 per individual, and for each production capped at 40% of all other qualified production costs
- Accelerate the time in which new productions can claim their credit by allowing new productions to claim their credit in their tax credit allocation year, rather than the year after their allocation year
- Incentivize the relocation of series by providing an additional 5% bump, for two years, for eligible television series to relocate to New York and shortening the time a relocating talk/variety series must be in production before gaining eligibility, from five years to two years
This proposal sends a clear message that Governor Hochul is committed to keeping New York competitive while supporting and growing the film and television industry throughout New York.
As part of the Executive Budget proposal, these potential changes will now go the legislature.
The Governor’s Office of Motion Picture and Television Development
Empire State Development
633 Third Avenue, New York, NY 10017
(212) 803-2330 | firstname.lastname@example.org