NY vs. NJ (and CA)...Governors are taking situations into their own hands!!
NY Gov. Hochul spoke to Bob Iger/Disney, asking for more Disney production in NY (and vows to improve the NY incentive program in comparison to GA and the UK). With that said, NY has a 30% - 40% refundable tax credit (and would need a program with no annual cap (currently $700M annually) and no ATL cap (NY currently includes limited ATL positions at $500K per person), as well as improve the timing for monetizing the NYS credit (currently estimated to take up to 36 months). As previously mentioned, the CA incentive has a $330M annual cap, and allows no ATL.
Read more in this article by The Hollywood Reporter:
Also, after NJ Gov. Murphy just returned from TIFF (supporting independent film produced in NJ) has expanded the NJ Film/TV Tax Incentive to $430 million per year, through 2039 and raised their salary cap to $750K per person (up from $500K).
Summarized further below –
New Jersey’s Film and Digital Media Tax Credit Program provides:
A transferable tax credit of up to 30%-35% of qualified production expenses incurred in the state.
Qualified spend: 35% and 30% on qualified expenses within a 30-mile radius of Columbus Circle.
Labor: 35% on all above the line and below the line positions.
Annual cap: $430 million that extends through 2039; productions can roll forward into the next year’s allocation if the current year has been exhausted.
- $100 million legacy film Incentive
- $150 million studio partner incentive
- $150 million film-lease production company
- $30 million digital
Compensation cap: $750,000 per individual
Minimum spend: $1 million (or 60% of total production expenses in-state)
Project cap: None
Additional uplifts: 2% or 4% on applications with an approved diversity plan
Diversity plan: not required unless applying for the diversity bonus.
Reality incentive: To qualify, a project must have a minimum six-episode order on a linear broadcast network or streamer, a minimum spend of $1 million and 60% of total production expenses in N.J. (Qualified spend: 30% or 35%, with 2%-4% diversity bonus)
Read more in this article by Variety: