Film Funding Blog

Earlier this month the State of New York put the finishing touches on its new tax credit plan:

NY To Triple Tax Break For Filmmakers

The expanded tax credit comes during tough fiscal times with the hope it will bolster a business Paterson said generates billions of dollars of economic activity in New York each year.

The change will give film companies a 30 percent tax credit — up from 10 percent — for qualified production costs and extend the program from 2011 to 2013.

Here is the summary from WNBC

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New York’s Governor Paterson said in the official press release:

“It is vital to our state’s economy that New York remains a premier destination for film and television productions,” said Governor Paterson. “The entertainment industry plays an important role in fostering economic growth by promoting our state on movie and television screens across the world, and creating thousands of jobs for New Yorkers.”

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Mayor Michael R. Bloomberg said: “Film and television play a major role in New York City’s place as a world-class center for culture, and the industry’s continued growth will play an important role in our efforts to diversify the economy. The expansion of the Empire State film production tax credit program is good news for New York City, and I thank Governor Paterson for signing it into effect.”