A law signed today by Gov. Andrew Cuomo to expand New York state’s film tax credit includes an extra credit for Upstate post-production work.
The law boosts an existing qualified film and television post-production tax credit from 10 percent. It increases the credit to 30 percent in the New York City metropolitan commuter region and 35 percent in the state’s other areas.
New York established the 10 percent post-production credit in 2010. However, it drew only 19 applications since then.
(Sponsored)
Keeping Your Firm Secure on the Road to Digitization
By Dan Hernborg Sales Engineer With the looming threat of a potential recession and economic downturn, many professional service firms are looking to reduce costs and increase efficiency in preparation.
How Technology Management Can Expedite Your Business Growth
Many business leaders find themselves asking the same question: “How do I foster growth for my company?” The answer typically yields many paths and variables both controllable and uncontrollable. Technology
“The purpose of the post-production film tax credit is to incentivize the film industry to do post-production work in New York state,” state Sen. John DeFrancisco said in a news release. “The credit has been underutilized. This new law increases the percentage available for post-production credit, and will facilitate a greater utilization of those funds throughout New York state. It encourages production companies to conduct business and create jobs in New York.”
Post-production work includes editing after the end of filming. It can take the form of visual effects, color correction, and sound editing.
Contact Seltzer at rseltzer@cnybj.com