New York State is ready to help take your next film or television production from the script to the screen. In addition to a wide variety of unique locations, state-of-the-art soundstages and infrastructure, and top-tier crew, we have the financial incentives to make your project a reality. It’s never been more important to know about the latest updates to New York’s film tax credit program – one of the most competitive in the nation.
Governor Hochul has long been a champion of the state’s film and television production industry. This year, the Governor announced transformative enhancements to the New York State Film Production & Post-Production Tax Credit Programs, demonstrating her continued commitment to strengthening state support for the industry to protect and grow jobs here in New York. The following changes are effective as of April 1, 2023:
- Extend the program by five years, from 2029 through 2034.
- Increase annual funding allocation from $420 million to $700 million, increase the post-production carve out to $45 million.
- Return the base credit percent back to 30% from 25%.
- Include all qualified costs in 10% upstate bump for productions which film more than 50% in certain upstate counties, for a total credit of up to 40%.
- Include above-the-line wages for writers, directors, specific producers, actors and composers as qualified costs, subject to caps, for the production program.
- Accelerate the time in which new productions can claim their credit by allowing new productions to claim their credit for their tax credit allocation year, rather than the year after their allocation year.
- Incentivize the relocation of series by allowing, for the first season in New York after relocation, as eligible qualified relocation costs, up to $6 million.
- Shorten the time a relocating talk/variety series must be in production before gaining eligibility, from five years to two years.
New York State is committed not only to supporting and expanding the industry by enacting these changes, but to increasing diverse representation in front of and behind the camera. As of January 1, 2023, productions are required to create a plan outlining specific goals for hiring a diverse workforce, including vendors. To receive the tax credit, applicants must either meet or demonstrate good faith efforts to meet their goals.
Come see for yourself why New York is the ultimate filmmaking destination and why so many artists and companies choose to live and create here. With these historic updates to the tax credit program, filming in New York is now more attractive than ever.
For more information, or to help answer any questions, please contact (212) 201-5605 or [email protected].