The sweetest incentives in New York get to pay the industry
The incentives for desalinated production gets the governor of New York State Cathy Hochol in its latest budget proposal, including a group of Enzy’s movie, local film commissions, legislators, arts and entertainment alliance and the creative community that works with small companies.
The proposals, which will be part of the state budget in the fiscal year 2026 that start on April 1, extend and modify the current incentives to enhance the film and television industry in New York and remain able to compete with other states where the products are increasingly seeking the best deals throughout the United States and abroad .
New elements include:
Establishing the production program in addition to providing additional tax credits for large products that are not less than $ 100 million in qualified production investments or higher than $ 20 million for independent budget projects.
Create a new $ 100 million gathering specifically for independent films.
The program is extended for an additional two years until 2036, providing more long -term security.
Increase eligibility for “ATL” expenses-including the salaries of actors, managers, writers and producers-while continuing to set the maximum ATL compensation
Reducing the delay significantly in allocating credit to the largest products, allowing companies to demand full credit in the first year, and benefited from both the main production and independent projects.
Allocating $ 3.5 million annually to support workforce development programs, and create paths to high -quality jobs for the New York residents of various backgrounds.
The New York Film Alliance, which was formed in 2023, met the ruler’s proposal for that budget, again to pay this year with a new web site asking the supporters to add their names. “Since its launch in 2004, the NYS film and television production incentive has created more than a million trade union jobs, generating billions of dollars in economic activity, and turning film and television production into billions of dollars in New York,” she says. “Film and television production supports high -quality, high -wage functions, benefits local companies, and adds a rate of $ 1.3 million to the local economy every day in its production.
She said about 78 % of the New York population supports tax incentives, with the support of the two parties throughout the Democrats (86 %), independents (68 %), and the Republicans (72 %).
On Monday, thirteen filmmakers in New York sent a letter to legislators who promote improvements to support high -wage high -wage union jobs across Empire. “
The letter said: “We are writing with respect to express our enthusiastic support for extension and proposed improvements to the ruler of the Production and Television Credit Program in New York State.”
The state was published in the state, Mike Gianares, the deputy leader of the majority, last week from a tour of the Kodak Film Laboratory in Queens. “Our vibrant cinema industry revolves around much more than movie stars and big studios. He said about X.
New York has always been a center for film production, but it is expensive, and it can be slow to pay – a real headache with this high interest rates – and lost a ground with New Jersey and other centers that spread with its production tax incentives. An independent movie, which has a long tradition in New York, has faced a difficult time and the new Indie incentive is welcome.
There was an interview in Push in California, both before and now after the destroyed La fires, to store fugitive production and maintain more work in the state with the governor of Gavin NEWSOM more than twice the production incentives of the state and television. Other states had general battles to maintain their balances. Louisiana saw that his bowl decreased amid a comprehensive financial reform of the state. Some legislators in Georgia have tried to no avail to reduce the generous incentive that turned the state into one of the best global production centers.
There will be hearings on the HOCHUL budget proposal with production tax credits that are likely to be treated on February 29, according to a person familiar with the operation. After that, the State and Senate Association issued its budget and negotiations that lead to a final document, which is scheduled to be delayed in the past few years.
The country currently provides 30 % tax credit of qualified production expenses, including some wages above the line subject to specific hats, wages below the line, and production costs directly related to the production of a qualified movie.
Tax credit is funded by $ 700 million annually until 2034.
The lower budget products of $ 500,000 may receive additional credit by 10 % at the expenses of qualified employment in some provinces outside New York City. The qualified costs in these provinces may be 10 % eligible for the production company, if the production company photographed more than 50 % of the main photography there.