NYC Film, TV Tax Credit Back on the Table
The city is going to press Albany this week to reinstate the film tax break that made New York such a popular location shoot in recent years. When the money ran out this year, so did producers; NBC Universal's Jeff Zucker said in February that "television companies that made 19 pilots for programs last year in New York City thus far have committed to making zero." The state extended for one year its 30 percent tax credit for production companies in April, but its temporary status has left the TV people leery; it's thought the four percent break the city wants to tack on (down from the original five) will settle their minds, particularly if it's a long-term arrangement. The city's proposal will extend the break for years, but cap it at a quarter million per film or episode, and reduce it for long-term projects after three years. Other states are working on their own film tax breaks, so New York better hurry.
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