Assembly Speaker Sheldon Silver and Assemblymember Deborah Glick, chair of the Higher Education Committee, today announced passage of a bill that would increase the Film and Television Post Production Tax Credit and further support this growing sector of New York's economy.
"Despite a wealth of talent, landmarks, and other resources, the current tax incentive for post production industry is simply not maximizing our potential," said Silver. "This enhancement will support this growing industry and the jobs and economic development it brings."
"Bumping our post production tax credit up to 30 percent - to match the exceptionally successful production tax credit - will create a much stronger incentive for producers to bring post production work to New York," said Glick. "Beyond creating industry jobs, this will fuel growth in support services and boost spending across the state."
The measure (A.10244-A/Glick) would amend tax law to increase the post production credit from 10 percent to 30 percent. This funding was previously allocated within the state budget for the Empire State Film Tax Credit and will not create any new burden for taxpayers.