New York Governor Kathy Hochul has proposed expanding the state's film and television tax credit program, a move that has sparked controversy. Critics argue the program is a wasteful expenditure, while supporters maintain it's crucial for attracting productions and boosting the state's economy.
New York Governor Kathy Hochul 's proposed budget includes an expansion of the state's film and television tax credit program, a move that has drawn criticism from watchdog groups. The program, which offers subsidies to productions filmed in New York , would be extended and receive an additional $100 million in annual funding, potentially costing taxpayers $1.8 billion over the next 13 years, bringing the total cost to $9.5 billion.
John Kaehny, executive director of Reinvent Albany, a government watchdog group, condemned the proposal, calling it a 'pay-to-play toilet' and stating that it 'flushes... state taxpayer dollars down the drain.' An independent analysis by the financial advisory firm PFM Group found that the credit program only returns 31 cents on the dollar in revenues to state taxpayers.The program's expansion aims to attract more productions and bolster the state's film industry. It would lift certain restrictions, including allowing subsidies to offset salary costs for 'above-the-line' employees like directors, actors, and producers. Currently, only technical staff like makeup artists and lighting crews qualify for the credit. The proposal also includes a 10% additional credit on salary reimbursement for film companies that produce at least three projects in New York, in addition to the existing 30% credit. Supporters of the expansion argue that it will keep New York competitive with neighboring states like New Jersey, which have offered more attractive financial incentives to the film industry. They also point to the program's potential to create union jobs, support small businesses, and establish talent pipelines within the state.
NEW YORK FILM TAX CREDITS KATHY HOCHUL BUDGET PROPOSAL REINVENT ALBANY ECONOMIC DEVELOPMENT FILM INDUSTRY
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