The Post New York Alliance announced that Gov. Andrew Cuomo signed into law a bill which triples the Empire State Film Post Production Credit from 10 percent to 30 percent, and 35 percent for Upstate. It is effective immediately.
As this is the first legislation of its kind in the United States, New York leads the way in encouraging film and television productions to take advantage of its world-class talent and facilities.
The independent feature The Butler is a prime example of a production that already plans to capitalize on the production credit. “We look forward to bringing The Butler to New York to take advantage of world-class postproduction talent,” Producer Pam Williams said from the New Orleans-based set.
Good Universe will be filming Oldboy, directed by Spike Lee, in New Orleans this fall and is slated for postproduction in New York. “This tax credit signals that the New York postproduction community is about to expand by leaps and bounds,” Matt Leonetti, head of physical production for Good Universe, said. “We love bringing our shows to New York to post, and will be able to bring many of them there because of this credit.”
The Post Production Credit is a fully-refundable tax credit on postproduction costs. The main determining factor is that a project must spend 75 percent of the postproduction costs in New York.
Wayfare Entertainment’s Jeremy Kipp Walker indicated that several of its internationally-based productions plan to return to New York for postproduction now that the post incentive is 30 percent. “Nothing like this credit exists anywhere else in the United States,” Walker said. “It will really help independent filmmakers get access to great talent and facilities available in New York, and it will certainly mean a huge increase in vocations in postproduction for New York State.”
“We want to thank Sen. DeFrancisco and Assemblywoman Glick for sponsoring our bill, and Governor Cuomo for signing it,” said Marcelo Gandola, SVP of Deluxe Creative Services and president of the Post New York Alliance. “The wheels of New York State government are turning in a direction that will bring thousands of new jobs to our state.”
“The film and television industry is one of our economy’s fastest growing exports,” Yana Collins Lehman managing director of Trevanna Post and Post New York Alliance board member added. “Our New York State elected officials broke new ground with the passing of this Post Production Incentive, and the Post Alliance plans to expand the entertainment industry throughout the great state of New York.”
“This new tax credit provides a wonderful opportunity to grow an already vibrant postproduction industry in New York,” said Domenic Rom, executive vice president of Technicolor – PostWorks, New York, and a Post New York Alliance member. “We are sincerely grateful to the governor’s office for taking this action which will provide a direct and immediate benefit to the hard-working men and women of our industry.”
This program differs from the existing Production Tax Credit in that it applies to projects that are not necessarily shot in New York. Its primary goal is to provide an incentive for such projects to bring their postproduction to New York State.