New York Tax Credits Bottom Out

In a recent conversation I had with representatives from the New York State Film Commission I was dismayed to discover that the $350 million film tax credit fund, originally planned to extend through 2011, has been exhausted for the time being. Additionally the tax credit fund for NY City, has run out back in September of 2009.

Hugely successful, the fund has contributed to hundreds of film, commercial and TV projects and brought 1,000’s of jobs and billions of dollars in tax base contributions to the state.

It is estimated that for every $1 that the tax fund extends in credits to filmmakers working in NY State and NY City, as much at $3 is returned in tax revenue and ancillary income over the life of the projects.  An extremely worthwhile investment.

Currently there is a bill before NY’s Governor David Paterson to renew the Film Credit fund to the tune of $450 Million. This bill will be voted on and is expected to reach a decision by April 2010.  However with budget cuts and the State in deep debt, it is unlikely that the fund will be renewed without your help.

If you live and work in NY State or live outside the State but conduct production business in NY, I urge you to contact your local senators and or NY State Representatives and pepper them with your demands to renew the Film Credit Fund for 2010 and beyond. With a 3:1 return ratio of investment to revenue, the NY State Film Tax Credit Program is one of the most productive use of funds the government can provide.

Go to the links below to find out who to contact in your areas.

Tell ’em ScreenPens sent you! – MP


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