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New York State Budget Proposal Boosts Tax Credit, Annual Cap For Film & TV Production, Lures Series From Other States With Added Incentive

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deadline.com

With New Jersey nipping at its heels and producers complaining about tardy payouts, New York Gov. Kathy Hochul’s latest budget for New York state, out Wednesday, raises the tax credit for film and television production back to 30%, boosts the annual cap to $700 million, modifies payout terms and attempt to lure TV production from other states in a new incentive package that would run through 2034.

The changes, which must be approved by legislators, are meant to draw filming to the state. A key provision would increase the credit from 25% to 30% for eligible production and post-production.

The credit had been lowered by former Gov. Andrew Cuomo in 2020, just as other states were increasing their tax incentive programs.

Under the proposal for the state’s 2024 fiscal year that starts April 1, New York would: ∙ Raise its annual cap from $420 million to $700 million. ∙ Make above-the-line wage costs eligible, with restrictions: It would cap credit at $150,000 per individual. (This is a cap on the credit, not a cap on salaries, which can be up to $450K.) It would cap all ATL costs at $15 million in credits per production. ∙ Modify payout rules, allowing businesses to get paid sooner.

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