30% Credit For New York? Did I Hear That Right?
Just yesterday I was on the set and one of the big discussions was that NY was going to put a 30% credit for all films filmed in New York. If that is the case that is not good news for films coming into Mass. I assume this is speculation and just rumor but if this is true it will be devastating. Has anyone else heard of this? Anyhow let's just pray that this is rumor and not fact. Let's get those studios in Weymouth and Plymouth made!!!!
Comments
But with NY imposing an $8 tax on cars driving through Manhattan are they really going to allow a 30% credit?
New York state is about to triple its tax credit for film and TV productions shooting within its borders in a bid to regain an edge over its credit-happy neighbors Connecticut, New Jersey and Massachusetts.
The state legislature late Wednesday approved a budget that includes a major revision of the existing tax incentive program. The revision extends the program by two years to 2013 and takes the total credit to 30% of all below-the-line costs from 10%.
New York City also offers a 5% credit, so city shoots can reap a total of 35%. Under the revision, the credit will also be granted in one lump sum, rather than the current method of spreading it across two years of tax returns. The single payment is viewed as a boon to investors or producers.
The state's $121.7 billion budget needs only the signature of new Gov. David A. Paterson, who succeeded the disgraced Eliot Spitzer less than a month ago. It is almost a certainty that Paterson will put pen to paper within a few days.