New York State Passes 2011 Budget Including Film Tax Credits

Late Tuesday, New York state lawmakers passed the $136 billion budget for the 2011 fiscal year. Within the budget, tax credits worth an annual $420 million were set for film and television production within the state.

In a statement, John Johnston, head of the New York Production Alliance, said, "The governor and legislature should be congratulated for their farsighted support of a program that returns more to the state than it costs and keeps and creates jobs for New Yorkers - jobs that could have gone to other states."

According to a March 2010 Hollywood Report article, the previous film incentive program gave almost $7 billion into the state's economy from 2004 to 2008. Also, the program allowed almost 63,000 people to be employed, resulting in over $5 million in wages in 2008. New York ranks second behind California in terms of jobs and number of projects filmed.