New York Attempts to Lure Hollywood By Tripling Post Production Tax Credit
New York has given out more than a billion dollars in tax credits since 2004, but says the post-production incentive program has been "underutilized" thus far.
New York is boosting tax credts for film editing, visual effects, color correction, sound mixing and other post-production work.
Under the new law, signed into legislation by Governor Andrew Cuomo, the credit increases from 10 percent to 30 percent in the New York City region and up to 35 percent for post-production work done elsewhere in the state.
The 10 percent credit wasn't enticing enough. According to a press release by the governor's office, it resulted in only 19 applications in the past two years since being established.
New York has been offering other tax rewards for film and television work and has doled out $1.04 billion in tax credits since 2004. The state says these projects have generated an estimated $7.57 billion in economic activity and 522,000 jobs.
The state hopes to expand that success for post-production work and is particularly eager to draw the industry to upstate New York with the 35 percent tax credit carrot.
"There is potential for this industry to make new investments in communities across the state and in doing so, help make New York the television and film capital of the world," said Cuomo in a statement.