The New York State Legislature has boosted film production incentives as part of its new $112 billion state budget.
The 2006-07 budget, approved Wednesday, included provisions extending the two-year-old Empire State Film Production Credit program and expanding the funds available via the 10% state tax credits from $25 million to $60 million annually.
Budget also allows the New York City credits to be expanded from $12.5 million to $30 million annually and creates a commercial production credit worth $7 million annually.
In January, Gov. George Pataki had announced support for increasing the tax credits as part of his 2006-07 budget proposal, citing the state’s success in attracting production — including 53 features and 18 TV series — since enacting the incentives.
The Screen Actors Guild said the legislature’s action means the state’s production credit will be extended through 2011. “This victory against runaway production means more jobs for New York actors, which is as good as it gets,” said SAG New York division president Paul Christie.