New York State Film Production Tax Credit & What it Means for Your Filmmaking Budget
Have you recently produced a film in New York? You might qualify for the New York State film production tax credit. While industry-specific guidance is available (and we highly recommend you seek more information, as well as consult with your accountant before making any final accounting decisions or tax changes as Beverly Boy Productions is NOT an accountant, affiliated with an accounting firm, or in any way a representative that can provide legal tax advice), we’re breaking down the specifics to help you understand the New York State Production Tax Credit and what it means for your filmmaking budget. This could reduce your production costs and may impact your film budget.
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What is the New York State Production Tax Credit?
The New York State Production Tax Credit is actually called the Post-Production Tax Credit program and it was originally designed to support filmmaking in New York State because past years have proven that filmmaking in the city positively impact s the state’s economy.
Together, the program provides incentives to draw filmmakers to the state of New York. More than $400M was allocated to the Film Production Program with credits of up to $25M set aside specifically for film production companies that bring their film projects to New York to create and maintain industry related jobs.
How the Credit Works
Filmmakers could be eligible to receive fully-refundable credits of up to 25% of their total post-production qualified expenses that were incurred in the State of New York.
In addition to this, those producing in certain areas may be eligible for an additional 5% credit if their post-production costs were incurred in the Upstate NY outside of the Metropolitan Commuter Transportation District. This area includes New York City, Orange, Putnam, Rockland, Suffolk, Westchester, Dutchess and Nassau counties.
Additional 10% for 2015-2025
In addition to the above, the New York State Film Production Tax Credit also allows for larger productions with a budget over $500K in certain counties to receive an additional 10% for the decade period from 2015 through 2025.
Counties included in this are Albany, Allegany, Broome, Cattaraugus, Cayuga, Chautauqua, Chemung, Chenango, Clinton, Cortland, Delaware, Erie, Essex, Franklin, Fulton, Genesee, Hamilton, Herkimer, Jefferson, Lewis, Livingston, Madison, Monroe, Montgomery, Niagara, Oneida, Onondaga, Ontario, Orleans, Oswego, Otsego, Schenectady, Schoharie, Schuyler, Seneca, St. Lawrence, Steuben, Tioga, Tompkins, Wayne, Wyoming, and Yates.
Want more information about the New York State Film Production Tax Credit and what it might mean for your production? Give Beverly Boy Productions a call at 646-448-8787!