Governor Andrew M. Cuomo signed legislation in July, effective immediately that will strengthen existing incentives offered by New York State to attract additional film post-production activity to New York.
Since 2004, $1 Billion in Tax Credits Have Generated More Than $7.5 Billion in Economic Impact and Supported 522,000 Hires
The new law increases the percentage of tax credits available for projects that did not film in New York but will now qualify for credits for post-production work done in New York. Under the new law, the qualified film and television post production credit increases from 10 percent to 30 percent in the New York metropolitan commuter region, including New York City and Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk and Westchester counties.
Film productions that complete at least 75% of post-production work in New York State will be eligible for the 30% tax credit.
A number of major film and television productions have cited the state’s program as a leading factor in the decision to film and produce in New York.
See the full press release here.
For more information on New York State film production and post-production credits and sales tax forgiveness, go to New York Loves Film website.