The entertainment community in Hollywood and the Big Apple is expressing relief today that New York state has renewed the 30% tax credit on film and television production for another 5 years through 2015. The NYS budget passed last night and newly signed allocates $2.1 billion to the program, with $420 million given out each annum. There’s also $7 million a year set aside for New York-based the post-production and editing industry. Passage of the program came down to the wire: about 18 months ago, Fox’s Fringe packed up and moved to Vancouver because the existing program of NY tax credits was too successful and ran out of funds. More money was sprung for it, but uncertainty lingered over whether the program would be funded long-term so reportedly TV producers sought out other locales with tax incentives. SAG’s National Director of Government Relations and Policy Nancy Fox said, “Lawmakers recognized that these tax credits have been a great boon for the local economy, providing incentives that created thousands of jobs for New York actors, crew members, and other workers affiliated with the entertainment industry. We are extremely grateful to Governor Paterson, Senate Leader Senator Sampson, Speaker Silver and the other legislators who have maintained their support for this program throughout the extended budget approval process.”
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