Entertainment
NY increases film grants, covering part of actors’ salaries
New York will provide an additional $280 million a year to the film and television industry as part of the state’s sprawling $229 billion budget, which lawmakers began approving Monday afternoon.
Film and TV projects will now be able to claim $700 million a year in New York film tax credits, a 66% increase from the $420 million a year previously offered, already categorized as the one of the most generous tax breaks in the country.
But for the first time, film and television productions will also be able to claim a portion of the salaries of actors, directors, writers and composers up to $500,000 each for the credit, which will cover 30% of eligible production costs for projects shot. At New York. State, up five points from the previous grant.
An additional 10% credit is available in select counties north of New York, while the budget will also create a 5% credit for TV shows that move to New York from another state.
Governor Kathy Hochul first proposed the expansion as part of her initial budget proposal in February, citing increased competition from other states that have recently increased their movie grants. This includes New Jersey, which attracted film productions such as “Oppenheimer, Bros and Mean Girls: The Musical” after increasing its tax credit.
Legislative leaders supported the effort, paving the way for expansion to make the final budget.
Senate Majority Leader Andrea Stewart-Cousins, D-Yonkers, noted that her district has become a hub for film productions. His Yonkers office sits across from a massive new film production facility housing Lionsgate Studios.
I think there’s a lot to do creatively in this space, Stewart-Cousins told reporters on Monday. Again, we continue to compete with California and everyone else to get our shows here. And they need some vision of where they can be in the future, and I really want them to be here in New York.
New York’s film grant program has long been the subject of debate on the state Capitol, with critics calling it an overly generous grant too narrowly focused on an industry specializing in transitional productions.
Even before its planned $700 million boost, the credit was already one of New York’s largest industry-specific tax breaks, rivaled only by incentives offered to semiconductor makers. .
The tax credit can be significant for large productions. It is also fully refundable, meaning the credit is paid out even if it exceeds the productions tax bill. If a television production had a $1 million tax bill but was eligible for a $5 million credit, it would receive a $4 million refund, for example.
NBC’s “The Blacklist,” Amazons “The Marvelous Mrs. Maisel,” and CBS’s “Madam Secretary” all received more than $20 million each in grants in 2020, state records show. The 19th season of Law and Order SVU received $16 million.
Republicans challenged the tax credit during the first part of Monday’s budget debate, with Assemblyman Andrew Goodell from Western New York slamming Democrats for increasing subsidies to the film industry rather than small businesses.
This tax credit helps the filthy rich, he said. What are we doing to help our local businesses across the state, not just the ones that occasionally make a fancy movie with multi-millionaires in New York? No tax credit for these people. Damage.
The vote on the state budget is expected to continue on Tuesday.
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