In the annual state budget unveiled Tuesday, Governor Andrew Cuomo proposes extending New York’s $420-million annual tax credit program for five more years.
There’s more good news. In the budget, Cuomo proposes reducing restrictions on claiming the state’s postproduction portion of the credit. Additional reporting, however, will be added to “document the effectiveness of the credit in creating jobs,” according to a statement from the governor’s office.
The LA Times reported this announcement as a “setback for California’s film industry”. More lucrative tax breaks in New York and other states are now pulling away one-hour television dramas as well as feature films, according to reporter Richard Verrier. California lawmakers recently approved a two-year extension of California’s film program. But that slates in at only $100 million a year – or less than a quarter of New York’s subsidy.