Some of Hollywood’s most iconic films and television series have been set in New York City, but in recent years the industry has seen studio and indie productions increasingly seeking out more attractive tax credits in other states and nations. At the beginning of the year, a report from the state’s development office indicated that applications to its state tax credit were down 53% compared to five years ago – even after the state nearly doubled its annual cap in 2023 from $420 million to $700 million.
In May, Gov. Kathy Hochul approved a state budget that increased the state’s film and TV subsidy to $800 million and offered expanded incentives for indie productions, in the hopes of attracting more film and television projects. The changes are a “momentous expansion of what is a proven economic driver for New York,” explained Motion Picture Association chief exec, Charles Rivkin.
“It’s a very important element within the economy of New York,” added Pat Swinney Kaufman, Commissioner of NYC’s Mayor’s Office of Media and Entertainment. “When you look at the number of jobs that the industry generates and creates, it’s truly impressive. It’s hundreds of thousands of jobs and so much money is spent by this industry that it is very vital to the economy.”
Source: Deadline
