Beat Takeshi
Two-Hip Shakur
New Tax Incentives Proposed for Film Production in New York
New York may be boosting its tax credit from 10% to 15% for film
production expenditures. The new incentive rate would include
above-the-line costs as well as those incurred for below-the-line
crew, services and products.
In the 2008 New York state budget proposed by Gov. Elliot Spitzer,
film productions could increase their credit to 20% of below-the-line
goods and services, should they additionally qualify for the 5% New
York City tax credit.
New York film production has been facing increasing competition from
nearby states with aggressive incentive programs. Massachusetts, Rhode
Island and Pennsylvania all offer tax credits of 25% of below-the-line
costs, while Connecticut offers a 30% tax credit on above and
below-the-line expenditures.
If the New York State Assembly passes the legislation, The Empire
State Film Production Credit cap wound be raised from the current $60
million to $75 million by 2011.
Update on Illinois Tax Incentive Legislation
The state of Illinois is currently in the works to renew their state
film tax incentive plan. Legislation is pending for the new plan since
the old plan expired at the end of last year.
According to information on FilmUSA.org, the state’s film commissioner
believes that the new state film incentive plan will be in place by
the end of the month.
New York may be boosting its tax credit from 10% to 15% for film
production expenditures. The new incentive rate would include
above-the-line costs as well as those incurred for below-the-line
crew, services and products.
In the 2008 New York state budget proposed by Gov. Elliot Spitzer,
film productions could increase their credit to 20% of below-the-line
goods and services, should they additionally qualify for the 5% New
York City tax credit.
New York film production has been facing increasing competition from
nearby states with aggressive incentive programs. Massachusetts, Rhode
Island and Pennsylvania all offer tax credits of 25% of below-the-line
costs, while Connecticut offers a 30% tax credit on above and
below-the-line expenditures.
If the New York State Assembly passes the legislation, The Empire
State Film Production Credit cap wound be raised from the current $60
million to $75 million by 2011.
Update on Illinois Tax Incentive Legislation
The state of Illinois is currently in the works to renew their state
film tax incentive plan. Legislation is pending for the new plan since
the old plan expired at the end of last year.
According to information on FilmUSA.org, the state’s film commissioner
believes that the new state film incentive plan will be in place by
the end of the month.