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N.Y. tax credits run dry
Friday February 13th 2009The New York tax-credit program that lured film and TV shoots has run out of funds, as announced on Thursday (04Feb 09) by the Empire State development Corp. the agency which administers the funds. The $515 million which had been set aside for the program through 2013 has been exhausted. Those who work in New York’s entertainment industry are keeping their fingers crossed that next year’s state budget, which is due April 1, will include more funding. But they still have to persuade state legislators, who are staring at a $13-billion deficit.
According to the Los Angeles Times,with the future of the tax credit uncertain, studios that contemplated shooting movies and TV series in New York are looking instead to places such as New Jersey, Illinois and Canada instead. The most immediate effect can be seen in the dearth of television pilots that usually bring a flood of new work in the spring.
Last year, eight prime time pilots were shot in New York City. At a local economic conference Monday, NBC Universal Chief Executive Jeff Zucker said he didn’t expect the studios to do any filming in New York this year unless the tax incentive program received new funding.Two early pilots that applied for the program before the money ran out have started production. But the three major soundstages in the city have yet to sign any for this spring. Alan Suna, chief executive of Silvercup Studios in Queens, said movies also were affected, with producers of 10 to 15 feature films looking elsewhere.
Since Gov. David Paterson tripled the state tax credit for below-the-line expenses — for behind-the-scenes workers and related costs — to 30% last April, New York has benefited from an explosion in film and television production. More than 125 film and television projects took advantage of the expanded state credits in the last nine months, according to Empire State Development. Together with an additional 5% credit provided by New York City, the incentives have helped create and retain an estimated 19,000 jobs, according to an Ernst & Young study released last week.
Headline, Industry News
N.Y. tax credits run dry
Friday February 13th 2009The New York tax-credit program that lured film and TV shoots has run out of funds, as announced on Thursday (04Feb 09) by the Empire State development Corp. the agency which administers the funds. The $515 million which had been set aside for the program through 2013 has been exhausted. Those who work in New York’s entertainment industry are keeping their fingers crossed that next year’s state budget, which is due April 1, will include more funding. But they still have to persuade state legislators, who are staring at a $13-billion deficit.
According to the Los Angeles Times,with the future of the tax credit uncertain, studios that contemplated shooting movies and TV series in New York are looking instead to places such as New Jersey, Illinois and Canada instead. The most immediate effect can be seen in the dearth of television pilots that usually bring a flood of new work in the spring.
Last year, eight prime time pilots were shot in New York City. At a local economic conference Monday, NBC Universal Chief Executive Jeff Zucker said he didn’t expect the studios to do any filming in New York this year unless the tax incentive program received new funding.Two early pilots that applied for the program before the money ran out have started production. But the three major soundstages in the city have yet to sign any for this spring. Alan Suna, chief executive of Silvercup Studios in Queens, said movies also were affected, with producers of 10 to 15 feature films looking elsewhere.
Since Gov. David Paterson tripled the state tax credit for below-the-line expenses — for behind-the-scenes workers and related costs — to 30% last April, New York has benefited from an explosion in film and television production. More than 125 film and television projects took advantage of the expanded state credits in the last nine months, according to Empire State Development. Together with an additional 5% credit provided by New York City, the incentives have helped create and retain an estimated 19,000 jobs, according to an Ernst & Young study released last week.
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Headline, Industry News
N.Y. tax credits run dry
Friday February 13th 2009The New York tax-credit program that lured film and TV shoots has run out of funds, as announced on Thursday (04Feb 09) by the Empire State development Corp. the agency which administers the funds. The $515 million which had been set aside for the program through 2013 has been exhausted. Those who work in New York’s entertainment industry are keeping their fingers crossed that next year’s state budget, which is due April 1, will include more funding. But they still have to persuade state legislators, who are staring at a $13-billion deficit.
According to the Los Angeles Times,with the future of the tax credit uncertain, studios that contemplated shooting movies and TV series in New York are looking instead to places such as New Jersey, Illinois and Canada instead. The most immediate effect can be seen in the dearth of television pilots that usually bring a flood of new work in the spring.
Last year, eight prime time pilots were shot in New York City. At a local economic conference Monday, NBC Universal Chief Executive Jeff Zucker said he didn’t expect the studios to do any filming in New York this year unless the tax incentive program received new funding.Two early pilots that applied for the program before the money ran out have started production. But the three major soundstages in the city have yet to sign any for this spring. Alan Suna, chief executive of Silvercup Studios in Queens, said movies also were affected, with producers of 10 to 15 feature films looking elsewhere.
Since Gov. David Paterson tripled the state tax credit for below-the-line expenses — for behind-the-scenes workers and related costs — to 30% last April, New York has benefited from an explosion in film and television production. More than 125 film and television projects took advantage of the expanded state credits in the last nine months, according to Empire State Development. Together with an additional 5% credit provided by New York City, the incentives have helped create and retain an estimated 19,000 jobs, according to an Ernst & Young study released last week.
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