New York plans to extend film tax credit

New York’s governor Kathy Hochul has proposed to extend the film tax credit by three years, according to her fiscal year 2023 executive budget.

The budget plan doesn’t reveal further details, but if approved will extend the current programme's length from 2026 to 2029.

The state recently added a 30% tax credit for production companies on salaries paid to New York-based minority and female TV writers and directors.

The current program offers a 25% fully refundable tax credit on production and post-production expenses incurred in the state and is open to features as well as TV series, pilots and films excluding documentaries. 

The minimum spend for films (other than TV pilots) shooting in New York City and four neighbouring counties is $1m and for those shooting upstate $250,000.

Projects filmed predominantly outside the state can apply for a 25%-30% credit on in-state post-production expenses (with a total of $25m available each year) and those budgeted at more than $500,000 can get an additional 10% credit on qualified post-production labour expenses in more than 40 counties upstate.