N.Y. governor to build on plan to dole out $100 mil
Gov. George Pataki said Friday that he will increase tax incentives to bring film and TV shoots to New York.
Pataki will build on a state plan passed in 2004 to dole out $100 million in tax credits over four years to production companies shooting 75% of their projects in the state.
As part of his 2006-07 exec budget, the governor will propose that the state’s credits jump from $25 million per year to $30 million, beginning in 2009.
News came at a press conference held at Gotham soundstage facility Silvercup Studios.
The plan, called the Empire State Film Production Credit, had been skedded to expire in 2008. Now it will become permanent.
“Hundreds of companies and businesses that service the film industry are benefiting from the new activity this tax credit has generated, and the impacts are being felt statewide,” Pataki said. He added that Kodak in New York has seen a 40% increase in film stock sales since the credits were passed in 2004.
Tax incentives are seen as a major factor in New York’s ability to attract 53 feature films, 18 television series and seven TV pilots since the credits were passed.
Those shoots have pumped $1.45 billion into the state’s economy, and politicos estimate that 12,000 jobs were generated.
Regis Philbin and NBC prexy Randy Falco were on hand at the press conference to lend their support to the governor’s plans to boost Big Apple production.
Pataki also revealed that New York City will increase its tax incentives, too: The Made in New York Incentive Program will make available $30 million annually, as opposed to $12.5 million, beginning in 2009.
New York City provides a 5% refundable tax credit on qualifying projects. The state provides a 10% refund.