NY Legislature Approves $840M in Refundable Credits for Television & Movie Producers

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“That’s almost two new Tappan Zee Bridges that we’ve spent just on subsidizing the film industry,” said David Friedfel, director of state studies for the CBC, a business-backed watchdog, to Crain’s New York Business. The sum is “twice as much as Amazon would have gotten and they would have created 25,000 jobs.”

Governor Andrew Cuomo have approved $840 million in refundable credits for television and movie producers over the next two fiscal years. This comes on top of $7.3 billion worth of incentives provided to the industry since 2004.

According to Crain’s, the two-year extension “underscores the persistence of government aid to industries that are generous political patrons or haven’t antagonized labor unions, as Amazon did. New York Democrats and Republicans have collected millions of dollars in campaign contributions from Hollywood moguls like Steven Spielberg and Jeffrey Katzenberg, as well as from media companies and New York City film studios.”

Each year, New York spends $420 million dollars on film and television productions, according to the New York Post. “The state refunds 30 cents on the dollar for productions in New York City and 40 cents for every dollar spent on film and television production outside the Big Apple. Empire State Development estimates the program is a major money and job creator, but critics call it a corporate subsidy program.”

See more at Jewish Voice.

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