Improved New York Production Incentives Survive In Tentative Budget Deal, Final Approval Expected Next Week
deadline.comBig improvements to New York’s film and and television production incentives, included in Gov. Kathy Hochul’s budget proposal are still in place as lawmakers reached a handshake deal today, according to people familiar with the bill.
The legislature is expected to vote formally next week to approve the budget. As Deadline has reported, the incentives would raise the tax credit for film and television production back to 30% from 25% and boost the annual cap from $420 million to $700 million in a new package that runs through 2034.
The credit had been lowered by former Gov. Andrew Cuomo to 25% in 2020, just as other states were increasing their tax incentive programs.
New York would also make above-the-line wage costs eligible, with some restrictions. It wasn’t immediately clear if other provisions, like an additional 5% bump to incentivize relocation of TV series that are filming elsewhere, or terms for faster payment are also still in there.
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