New York Gov. Kathy Hochul’s Budget Plan Would Extend State Film Tax Credits By Three Years To 2029
proposed extending New York State’s film and television production tax credit by three years — through 2029 – in a budget she presented today.
The program, which provides credits of $420 million per year for film and television productions, currently runs through 2026. It offers a 25% credit for qualified production and post-production costs incurred in-state, with additional credits of up to 10% on labor costs in dozens of counties outside of New York City’s five boroughs.
The state’s fiscal year ends in March. The budget needs to pass, and tax credits are never written in stone – the funding can run out. Politicians and pressure groups routinely gripe about tax breaks for businesses, including vocally at a New York State Senate hearing Friday held “to review the effectiveness of business subsidies and tax incentives in meeting New York State’s economic development goals.
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