Local Film Industry Gets Hollywood Ending
(Crain’s) — New York’s film and television production industry just got a perfect Hollywood ending to its long battle with the state to renew the successful tax incentive program for productions.
As part of the budget passed last night, $2.1 billion was allocated to renew the state’s 30% tax credit on production for the next five years. The package calls for $420 million to be doled out each year. The move is expected to jump-start the local production industry after a couple years of uncertainty over the incentive program’s future in which New York lost out to other cities.