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NYC Empties its Tax Credit Coffers
"New York City's 'Made in NY' tax credit for qualified film and television production – the only one of its kind administered by a city in the U.S. -- has reached its full allocation of $192.5 million and funds are no longer available for new applications," the NYC Mayor's Office of Film, Theatre and Broadcasting said.
Productions have been able to claim 5% tax credits from the city in addition to a 30% production tax credit from N.Y. state.
"Any disruption in the process is not good, especially as we ramp up to the typical TV season," said John Johnston, executive director of the New York Production Alliance, about the NYC funding situation. He also once again urged lawmakers to pass new long-term incentives plans for NYC and N.Y. state.
"Waivering does not instill confidence in the studios that N.Y. is comitted to supporting a successful economic and job creating program," Johnston said. "We continue to urge our legislators to take a long-term view and make a multi-year commitment with no annual cap."
The city recently proposed an extension of its incentives program using lower tax credits, but the entertainment industry proposed a continuation of the 5% program, while suggesting annual payout limits to allow the city to retain flexibility amid the recession and budget woes. However, any legislation has been on hold in Albany amid a power struggle in the state
The Mayor's film office said Wednesday that productions can still send incentives applications to the city. "However, at this time, it is unclear whether new legislation will cover applications received during the interim," it added.
– Nielsen Business Media
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