New York Assets and Incentives Lure Major Projects, Provide a Sweet Spot for VFX and Animation

New York – both the state and the city – offer film and TV producers a plethora of benefits, ranging from iconic visuals such as the Manhattan skyline and the Brooklyn Bridge, to modern stages and experienced crews, to some of the best financial incentives found anywhere. These include a 30% credit on qualified expenditures in the state and $420 million in credits annually.

In addition to the 30% credit on New York State spending, the Empire State also provides an additional 10% onqualified labor expenses incurred in certain upstate New York counties. Of the $420 million annual allocation, $25 million is set aside for post-production.

Visual effects and animation costs incurred at a qualified post-production facility in New York State must either meet or exceed 20% of the total vfx/animation costs paid or incurred for vfx/animation for the qualified film at any post-production facility anywhere; or $3 million.

Post-production effectuated at qualified facilities in New York State – excluding costs for vfx/animation – must meet or exceed 75% of the total qualified post-production costs paid or incurred in the post-production of the film at any post-production facilities.

A Film production company cannot claim the film production credit and the post-production credit for the same qualified post production costs.

Recent projects produced in New York include “Wonder Wheel” (2017), “The Book of Henry” (2017), “Gotti” (2017), “Orange is the New Black” (TV Series, 2013-present), “Mr. Robot” (TV Series, 2015-present), “Blacklist” (TV Series, 2013-present), “Gotham” (TV Series, 2014-present), “Elementary” (TV Series 2012-present) and “Law & Order: SVU” (TV Series 1999-present).

430% Credit on qualified spending in New York state
$420m Credits allocated annually
$25m Set aside for post-production credit
Information courtesy of EP Financial Solutions, a production incentive consulting and financial services company.

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