Film & Television Production Industry
Today, Governor Hochul announced the passage of the historic FY 2024 New York State Budget, which includes transformative enhancements to the NYS Film Tax Credit Program. Governor Hochul has long been a champion of the state’s film and television production industry. With this budget, the Governor demonstrates her continued commitment to strengthening state support for the industry to protect and grow jobs here in New York by including the following changes that are effective as of April 1, 2023: • Extend the program by five years, from 2029 through 2034 • Increase annual funding allocation from $420 million to $700 million, increase the post-production carve out to $45 million • Return the base credit percent back to 30% from 25% • Include as qualified costs, with double-caps, above-the- line wages for writers, directors, specific producers, actors, and composers capped per individual at $500,000, and capped per production at 40% of all other qualified production costs • Accelerate the time in which new productions can claim their credit by allowing new productions to claim their credit for their tax credit allocation year, rather than the year after their allocation year • Include eligible above the line wages in the existing 10% “upstate” bump on labor costs and adds production costs that are used and consumed upstate for productions which shoot 50% or more of their principal photography upstate. • Incentivize the relocation of series by allowing, for the first season in NY after relocation, as eligible qualified relocation costs, up to $6million • Shorten the time a relocating talk/variety series must be in production before gaining eligibility, from five years to two years For more information or to answer any questions about the Film Tax Credit Program, please contact (212) 803-2328 or filmcredits@esd.ny.gov. The Governor’s Office of Motion Picture & Television will be holding an information session on Wednesday, May 10, 2023 at 1:30pm EST to review these changes and answer any questions, please click here to register. For questions about the information session, please contact 212-803-2330 or nyfilm@esd.ny.gov.
