Call 518-474-8390 or email Governor Cuomo TODAY, encouraging him to sign the bill to expand the Empire State Film Production Tax Credit Program to the Hudson Valley (A.9415 -Gunther / S.6987 -Amedore) to promote new economic opportunity.
This legislation will directly benefit the work we’re doing with Stockade Works at the MetLife Building to bring TV/film production studios and a post-production & training center to Kingston. On a larger scale, the Hudson Valley benefits from the influx of people looking to work, live and create in our region. It will impact economic development and community wealth building in news ways that improve our neighborhoods. Here are a few talking points on this initiative:
- The New York State Film Tax Credit Program is designed to increase the film production and post-production industry presence and overall positive impact on the State’s economy.
- New York’s film tax credit applies to all 62 counties of the state. But to stimulate production in counties outside of New York City, state officials in 2014 increased the 30% fully refundable tax credit to 40% for shows and films with budgets over $500,000 that are made in 40 upstate counties. In 2015, Albany and Schenectady counties were added.
- Companies producing films or television shows in New York State are currently refunded between 30% and 55% of their costs, depending on where in the state they film and the credit programs for which they qualify. The bill would expand the geographic area in which film companies will qualify for the 40% credit.
- The purpose of this bill is to expand to 40% for the Catskills and the Hudson Valley (north of Westchester and Rockland counties) and Suffolk County, which are close enough to the city to draw the kinds of productions that generate jobs and economic vitality.
“The expansion of the Film Tax Credit means that the entertainment industry can expand and create a new segment within our growing creative economy and has the potential to become a major driving economic force locally, as well as throughout the Hudson Valley,” said Ulster County Executive Mike Hein. “My administration has been highlighting the disparity in the current program that is negatively impacting Ulster County and, as a result, there was a groundswell of grassroots support for this amendment. I want to commend and thank Assemblywoman Aileen Gunther for her leadership on this issue and for sponsoring the bill in the Assembly, as well as Senators Larkin and Amedore for their sponsorship in the Senate. If this bill is ultimately signed into law, our area would be poised to experience a potentially huge economic boost from not only the on-site production of films, but also the siting of studios and post-production facilities as well. This may prove to be some of the most important legislation our area has seen over the past ten years.”