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HomeCommunityGovernor Cuomo Proposes Extension of State Film Tax Credit Program Through 2022

Governor Cuomo Proposes Extension of State Film Tax Credit Program Through 2022

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Recognizing the tremendous impact of the New York State Film Tax Credit Program, leaders of the film and television production industry in New York today applauded Governor Andrew Cuomo’s 2017-18 Executive Budget proposal, which includes a full extension of the program, at $420 million per year, through 2022. The film tax credit program is responsible for a significant economic impact in the Empire State, leading to record job growth and more infrastructure, soundstages and post-production facilities statewide.

From 2011, when Governor Cuomo took office, through Dec. 31, 2016, more than 1,000 projects (film and television combined) submitted applications to the New York State Film Tax Credit Program, generating an estimated $15 billion in spending and approximately 934,000 new hires in New York State. Additionally, the number of Qualified Production Facilities across the state has increased to 77, containing more than 270 soundstages.

“By securing a funding commitment through 2022, Governor Cuomo has proven that he is a champion for the film and television industry, which benefits small businesses and local economies throughout the state,” said ESD President, CEO & Commissioner Howard Zemsky. “It is clear that New York State understands the needs of producers and will ensure the long-term stability of the incentive, so that TV series and feature productions can continue to utilize the diverse locations and benefit from the talented workforce found in the Empire State.”

Senator Chris Dodd, Chairman and CEO of the Motion Picture Association of America said, “Because of Governor Cuomo’s vision and leadership, there are now 130,000 New Yorkers employed in the television and motion picture industry. The entertainment industry has invested over $15 billion producing our television series and motion pictures in New York since 2011 money that is reinvested in New York’s communities and small businesses. The proposed extension of the production incentive program will ensure our member companies continue to grow their investment in New York, which is now one of the greatest locations in the world to do business.”

Neil Dudich, eastern executive director, Directors Guild of America said, “The Directors Guild of America applauds Governor Cuomo for his continued leadership, and thanks him for including a three-year extension of the NY film production incentive in his budget today. The positive impact of the incentive on the economy, jobs and local business is enormous. Between 2005 and 2015, as production increased by more than 300 percent, the earnings of our members who live and work in New York’s communities grew 350 percent. This simply would not have happened without the incentive.”

“On behalf of the working men and women in the motion picture industry I thank Governor Cuomo and the Legislature for having the foresight to extend the film and television tax credit through 2022.  The extension will allow employers to continue to hire well-paid working class New Yorkers with full medical and retirement benefits. Since the tax credit’s inception we have seen an 89 percent increase in hours worked by IATSE-represented crew, and a 45 percent increase in Local 52 membership, with hundreds of prospective applicants attending training classes adding to the workforce pipeline. The proposed tax credit extension will further expand employment opportunities for motion picture workers throughout the state as studios seek new diverse locations in what is truly the Empire State.” said John Ford, I.A.T.S.E. Local 52 president.

 

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