Governor Cuomo Triples The Empire State Film Post Production Credit
According to the Post New York Alliance, Governor Andrew Cuomo has signed into law a bill which triples the Empire State Film Post Production Credit from 10% to 30% (35% for Upstate). It is effective immediately.
This program differs from the existing Production Tax Credit in that it applies to projects that are not necessarily shot in New York – its primary goal is to incentivize such projects to bring their post production (including audio post – sound and music editorial, rerecording and mixing, original scoring, musical composition, etc.) to New York State.
The Post Production Credit is a fully-refundable 30% (35% for Upstate New York) tax credit on post-production costs: the main determining factor is that a project must spend 75% of the post production costs in New York.
The incentive applies to post production costs incurred in the creation of certain kinds of film and television projects in New York State. Eligible productions include: Feature Films, Episodic television series, Television pilots and presentations, and Television movies and miniseries.
In a press release announcing the news, the Post New York Alliance reported:
The independent feature The Butler is a prime example of a production that is already planning capitalizing on the production credit. They’re shooting in New Orleans, and plan on coming to NYC for post. Similarly, Good Universe will reportedly be filming Oldboy, directed by Spike Lee, in New Orleans this fall and is slated for post-production in New York.
Wayfare Entertainment’s Jeremy Kipp Walker indicated that several of its internationally-based productions plan to return to New York for post production now that the post incentive is 30%. “Nothing like this credit exists anywhere else in the United States. It will really help independent filmmakers get access to great talent and facilities available in NY and it will certainly mean a huge increase in vocations in post production for New York State,” he said.
“This new tax credit provides a wonderful opportunity to grow an already vibrant post production industry in New York,” noted Domenic Rom, Executive Vice President of Technicolor – PostWorks, New York, and a Post New York Alliance member. “We are sincerely grateful to the governor’s office for taking this action which will provide a direct and immediate benefit to the hard-working men and women of our industry.”
Productions are required to submit the Post Production Tax Credit application before the last day of Principal Photography.
Applications are available now on the New York Governor’s Office for Motion Picture and Television Development website.
For more on the Post New York Alliance, visit http://www.postnewyork.org.
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