New York state senate passes tax credit

More than four months late, state has budget

At 125 days late, New York state finally has a budget, and it includes legislation that would extend N.Y.’s tax credit program into 2015. Sources say that the measure would renew the program – which has been done on a year-by-year basis – and raise the cap on disbursable credits it to $2.1 billion, or $420 million in tax refunds per year over the next five years.

The measure was originally proposed in January, but was delayed by a very public spat between the legislature and the governor, who grabbed headlines and plaudits when he vowed to individually veto 6,900 earmarks in the state budget.

With taxes raised and funding slashed in so many areas, the renewal of the tax credit is seen by local filmmakers as a ringing endorsement of the credit program and the revenue that the strategic tax break brings into the state.

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