New York to Increase State Film Incentive to $700 Million
variety.comGene Maddaus Senior Media Writer New York is poised to dramatically increase its film tax incentive from $420 million a year to $700 million, as it looks to stave off competition from New Jersey and Georgia.
Gov. Kathy Hochul announced an agreement Thursday night on a $229 billion budget, after weeks of negotiations with state lawmakers.
Among many other provisions, the budget will increase the size of the film tax credit program, as well as raise the credit percentage from 25% to 30%, bringing it in line with rival states.
The program will also be extended to 2034, according to a source familiar with the conceptual agreement. The agreement with lawmakers will allow productions to receive a tax credit on above-the-line costs — salaries for actors, directors, writers and producers.
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