Cuomo signs legislation to strengthen Upstate NY film incentives
Posted at: 07/24/2012 2:04 PM
| Updated at: 07/24/2012 2:10 PM
By: Emma Levine
ALBANY - Governor Andrew Cuomo signed legislation Tuesday to strengthen existing incentives to attract the movie industry to Upstate New York.
The new law is designed to expand state support by trying to attract post production work to the area.
"New York State's program of incentives to attract film and television productions to New York has been a tremendous success, generating billions of dollars in economic impact and supporting hundreds of thousands of hires," said Governor Cuomo in a statement. "However, there is potential for this industry to make new investments in communities across the state and in doing so, help make New York the television and film capital of the world. With this legislation, New York is inviting producers, directors, and editors from across the nation to bring their post-production work right here to the Empire State. The new New York supports business and this law is a clear sign that the state stands ready to help enterprises that are looking for new places to invest, expand, and create jobs. I thank the sponsors for their hard work on this new law."
The state has offered tax credits to support the film and television industry since 2004 and producers have spent more than $7 billion in New York.
New York State’s film tax credit program is worth $420 million each year including $7 million for post-production credits. So far, the total credit issued so far has been $1.04 billion for completed projects. The program is responsible for more than 522,000 hires by the film and television industry in New York State.
The new law takes effect immediately.