New York Aims to Reverse Production Decline by Sweetening Tax Credits
variety.comGene Maddaus Senior Media Writer Gov. Kathy Hochul offered an array of sweeteners on Tuesday to the New York film and TV tax incentive, as the state looks to combat a sharp decline in production.
Hochul proposed a new $100 million pool for independent films, as well as a 10% bonus on top of the 30% base credit for companies that do at least three big-budget productions in the state.
Production spending in New York is projected to drop 15% since 2019, according to the state’s development office. Applications for the state tax credit are down 53% from the figure five years ago, even as the state nearly doubled the annual cap from $420 million to $700 million in 2023.
Production has also dropped sharply across the U.S., as well as in Canada and the U.K. over the last couple of years, as studios pulled back in response to the economics of streaming.
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