Governor Proposes Enhancements to New York Film, TV Tax Incentive

New York Gov. Kathy Hochul is aiming to revamp the Empire State Film Tax Credit by proposing significant enhancements. The proposed changes include a new $100 million pool specifically allocated for independent films, offering a unique opportunity within the tax credit system. Additionally, companies filming at least three big-budget productions in New York would benefit from a 10 percent bonus on top of the existing 30 percent base credit, incentivizing repeat business in the state.

Furthermore, the proposal seeks to streamline the process by eliminating the delay in receiving the tax credit over multiple years. This move is a clear indication of New York's intent to compete with neighboring states like New Jersey and popular filming locations such as Georgia.

These enhancements not only aim to combat the recent decline in production, but also position New York as a top choice for film and TV companies looking for attractive incentives. By offering a variety of sweeteners, Gov. Hochul is working to bolster the state's entertainment industry and attract more filming projects to New York.