The Governor’s Office of Motion Picture and Television Development (MPTV) announced a milestone with more than one million hires supported by the New York State Film Tax Credit Program since 2011. That number represents almost 80 percent of all jobs in the program since its inception in 2004. The more than one million hires were created by 1,156 productions that have participated in the Program and have generated more than $16.8 billion in New York State spending.
“The Film Tax Credit Program is responsible for record-breaking economic impact, which supports our local small businesses and communities statewide and creates hundreds of thousands of well-paying jobs across the Empire State each year,” said ESD President, CEO & Commissioner Howard Zemsky. ”Under Governor Cuomo’s leadership, New York has become a top destination for film and television, featuring the most talented workforce anywhere in the world.”
Since taking office, Governor Cuomo has consistently supported the film tax credit program and most recently secured a funding extension through 2022 at $420 million a year. During his tenure, New York State has dramatically expanded the credit for post-production, enacted a 10 percent additional credit for labor costs Upstate, increased the credit for relocated television productions and lowered the threshold for visual effects and animation. Since the program launched in 2004, New York has received a total of 1,648 applications, representing $25 billion in New York spending.
Television series continue to experience the greatest growth under the state’s film incentive program. Of the 412applications submitted since 2004, 73 percent have been received since Governor Cuomo took office in 2011, with a total New York spend of $12.5 billion. In 2017, 43 television series have already applied and are projected to spend $1.9 billion with 103,805 hires across the state.
Additionally, there has been a rapid increase in the construction of Qualified Production Facilities (QPFs), including soundstages, statewide. Since 2016, the number of QPFs has increased from 70 to a total of 85 facilities statewide, allowing New York State’s infrastructure to accommodate for the industry’s rapid growth.
New York State Film Tax Credit Program
The New York State Film Tax Credit Program boasts a 30 percent tax credit for qualifying productions and post-production work, offering productions in certain Upstate counties an additional 10 percent credit on qualified labor costs. Additionally, in most Upstate counties, the post-production program was extended from a 30 percent tax credit to 35 percent with an additional 10 percent credit on qualified labor costs. The program has successfully stimulated film production and post-production across the state, directly impacting local economies and solidifying New York State’s reputation as a world-leader in the film and television industry. Over the past 13 years, the New York State Film Tax Credit Program has benefited 2,040 productions and post-productions across the State, with more than one million hires.