New York State Proposes $420 Million for Film and TV Tax Credits

The Hollywood Reporter has revealed that New York Governor David Paterson has proposed $420 million per year in state money for the continuation of tax credits for television and film productions based in New York State through 2014.

According to THR, New York was able to unlock $350 million for the proposed program. THR states that the television industry is seeking a multi-year commitment from New York State in order to ensure more planning security for teleVision Productions in the coming years.

The Hollywood Reporter states that "while populist critics have argued that state money shouldn't go to Hollywood at a time of big budget holes, the entertainment industry has pointed to an Ernst & Young study that has shown the production incentives have boosted New York's tax revenue and led to job creation. They also highlight that the state doesn't have to shell out money ahead of time to attrAct Productions."

THR reports that industry insiders are happy to welcome this change. New York Production Alliance Executive Director John Johnston told THR that "this is really fantastic" and that this change "will mean a lot for the New York production community, job creation (especially for the below-the-line community) and the state because the industry is bringing in money."

To read the full article, click here.