NEW YORK STATE OF MIND!!!!
Joseph Chianese
Member Posts: 153
A Final NYS Budget was signed yesterday (summarized below). Now what will CA (and NJ) do! New York Boosts Film Subsidy to $800 Million in Fight With New Jersey
Here are 8 key changes and improvements to the New York State Film Tax Credit program included in the final 2025 budget ($800M Annual Funding - including a $100M standalone Empire State Independent Film Production Credit:
- New “Production Plus” Bonus Credit (Up to +10%)
Companies that submit at least two applications totaling $100M+ in qualified spend (or $20M+ for independents) after Jan 1, 2025, are eligible for:- A 10% bonus on NY qualified spend (major studios), or
- A 5% bonus on subsequent projects for qualifying independents.
- Creation of the Empire State Independent Film Production Credit
A standalone program with its own $100M annual cap (split $20M for under $10M films, $80M for larger budgets). Offers:- 30% base credit
- +10% for labor and spend in upstate counties
- +10% bonus for in-state scoring with 5+ musicians
- Capped at 2 projects per company per year
- Sunset Extension Through 2036
Both the main and post-production film credits are extended two more years, from 2034 to 2036. - Expanded Scoring Credit
A 10% bonus on scoring costs incurred in NY when employing at least 5 musicians—applies to both the standard and independent programs. - Post-Production Thresholds Lowered
- VFX/Animation spend threshold reduced from $3M to $500K, or from 20% to 10% of total VFX spend, making the post credit more accessible.
- Changes to Credit Claim Timing
For applications submitted after Jan 1, 2025, credits may be claimed in full in the tax year that includes the last day of the allocation year, streamlining prior multi-year claim schedules. - Credit Recapture Provision Added
If a project is later found ineligible and the tax credit certificate is revoked, any claimed credit must be repaid in the year the revocation becomes final. - Expanded Upstate and Regional Bonuses
The 10% bonus for certain counties now covers both production and post-production for qualifying spend and labor, incentivizing broader geographic diversity in filming.
New York Boosts Film Subsidy to $800 Million in Tussle With New Jersey
New York hiked its tax incentive from $700 million to $800 million in response to competition from across the Hudson River.
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