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