Encourage Governor Cuomo to sign the bill to expand the Empire State Film Production Tax Credit Program to the Hudson Valley.
Legislation (A.9415 -Gunther / S.6987 -Amedore) to promote new economic opportunity is currently on Governor Cuomo’s desk. We urge you to contact the Governor’s office or call 1-518-474-8390 immediately to voice your support, we only have until November 4, 2016 to get it signed!
“The expansion of the Film Tax Credit means that the entertainment industry can expand and create a new segment within our growing creative economy and has the potential to become a major driving economic force locally, as well as throughout the Hudson Valley,” said Ulster County Executive Mike Hein. “My administration has been highlighting the disparity in the current program that is negatively impacting Ulster County and, as a result, there was a groundswell of grassroots support for this amendment. I want to commend and thank Assemblywoman Aileen Gunther for her leadership on this issue and for sponsoring the bill in the Assembly as well as Senators Larkin and Amedore for his sponsorship in the Senate. If this bill is ultimately signed into law, our area would be poised to experience a potentially huge economic boost from not only the on-site production of films, but also the siting of studios and post-production facilities as well. This may prove to be some of the most important legislation our area has seen over the past ten years.”
- The New York State Film Tax Credit Program is designed to increase the film production and post-production industry presence and overall positive impact on the State’s economy.
- New York’s film tax credit applies to all 62 counties of the state. But to stimulate production in counties outside of New York City, state officials in 2014 increased the 30% fully refundable tax credit to 40% for shows and films with budgets over $500,000 that are made in 40 upstate counties. In 2015, Albany and Schenectady counties were added.
- Companies producing films or television shows in New York State are currently refunded between 30 percent and 55 percent of their costs, depending on where in the state they film and the credit programs for which they qualify. The bill would expand the geographic area in which film companies will qualify for the 40 percent credit.
- With a boost on the tax incentive, the Mid Hudson Valley will be uniquely situated to offer everything incoming production needs: talent, locations, and a competitive bottom line. Many heads of production would rather shoot in the US rather than off shore our production jobs to Canada. A 10% increase, though seemingly marginal, will make a massive difference on the local economy from film and TV.
- The 40% tax credit will put the mid Hudson Valley at the top of the list for film and TV studios looking for the place to base their long term, large scale tv and film productions.