New York Film Production Rebate Facts

Filmmakers frequently seek programs that provide rebates to assist in cutting costs associated with film production, especially since the average feature film has a production budget of about $65M and that’s excluding distribution and marketing costs which can be about half of the total cost of production. If you’re like many filmmakers in New York City, you’re probably thinking about how you can save costs and interested in learning all of the New York City film production rebate facts you possibly can. 

Known as the New York State Film Tax Credit, this program provides filmmakers with rebates and incentives for producing films in NYC and surrounding areas. Let’s take a look at the New York Film Production rebate facts and the misguided details you might have heard.

Fact: The Film Production Tax Credit is 30% of Production Costs

Filmmakers that wish to cut post production costs have two options to qualify for the New York Film Production rebate. Facts surrounding the credit are as follows:

• A 30% credit for post-production expenses is provided for productions that take place in New York.
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• For productions that do NOT take place in New York, a 30% credit is available as the post-production credit, as long as the post-production process takes place in New York by a local business.
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• A 35% credit is available for filmmakers that produce in Upstate New York or for films in which post-production occurs in Upstate New York, outside the Metropolitan Commuter Transportation District (MCTD).

Fact: New York Film Production Rebates Encourage Film Production in NY

The New York State Film Tax Credit program was designed to encourage filmmaking in NY.  In addition to providing fully-refundable credits for production costs for films produced in the State of New York, additional funds have been allocated towards creating and maintaining film jobs within the state.

Fact: Proper Film Production Budgeting & Expense Reporting is Vital

Filmmakers that wish to claim reimbursements, such as the New York State Film Tax Credit must make sure that they are allocating their expenses correctly and keeping track of their costs.

Post-production costs should never be combined with production costs. Doing this could reduce eligibility to receive a credit.

Accounting is important in order to determine the amount of qualified expenses and post-production costs incurred so that the 30% or more tax credit can be claimed. 

Make sure that you understand above-the-line and below-the-line expenses to ensure you don’t risk losing a chance to take a credit that you may be eligible for due to poor accounting.

Want more New York Film Production rebate facts? Give Beverly Boy Productions a call at 646-448-8787! We’d love to talk with you about the various rebates that your film project might qualify for!