New York State Film Production Tax Credit Extended To Mid-Hudson Valley
An extension of the NY film tax incentives will help boost production in the Hudson Valley districts.
On June 16th, 2016 the Hudson Valley Film Commission discovered legislation was passed by the NY State Senate and Assembly that will extend the New York State Film Production Tax Credit to the Mid-Hudson Valley Counties of Dutchess, Greene, Orange, Sullivan, and Ulster. The support and leadership of individuals including Assemblywoman Aileen Gunther, State Senator George Amedore and Ulster County Exective Miek Hein along with many other senators helped in ensuring the legislation was passed.
“These additional tax credits will allow the Mid-Hudson Valley region to compete on a level playing field for billions of dollars in film and TV production revenue,” said Hudson Valley Film Commission director Laurent Rejto in a press release to the NY film community, “This legislation will create revenue opportunities for local vendors; create a steady demand for services and hospitality and promote the region nationally and around the globe.”
The New York State Film Tax Credit Program offers film productions a 30% fully refundable tax credit statewide on qualified below the line expenses. The new legislation also increases the credit to 40% on qualified labor for the following counties: Greene, Ulster, Columbia, Warren, Saratoga, Washington, Rensselaer, Dutchess, Sullivan, Orange Putnam and Suffolk. There is a $420-million annual limit, which (if used entirely) grosses $1.4 billion in below the line film production expenses. Above the line and indirect production costs increase those expenses significantly.
The Hudson Valley Film Commission estimates that for every $500,000 in additional tax credits, at least $5 million worth of movie production revenues will benefit the mid-Hudson Valley.
“This legislation will allow local film studios to compete for TV shows and films,” added Rejto. “That means steady local jobs. We’ve had the infrastructure all along, but the lack of additional incentives put the Mid-Hudson at a disadvantage. These additional incentives will allow Umbra Studios in Newburgh, Michelson Studios in Middletown and developing studios such as the one proposed by Mary Stuart Masterson for Kingston, NY, to compete for work that has consistently been lost to other states and to Canada.”