New York is expanding a tax credit program for film and television production and calls it economically justified. But academic research of past programs counters that assertion.
with legislators that was passed May 2 — the program would allow up to $700 million a year in credits starting in 2024 and continue past the prior expiration date, newly ending in 2034., a group advocating for government transparency and scrutiny for state subsidies to corporations, challenged Hochul’s effort.
"The analysis classifies a job created as ‘one person employed for some amount of time,’" Thom said."A person who shows up and works on a set for three hours thus counts as a ‘job created.’ That's hardly a driver of economic activity." The state report said that of the 58,851 New York state film industry jobs in 2020, approximately 11,000, or 19%, were directly attributable to the tax credit program.
Thom agreed."The analysis assumes most production activity is due to the incentive. In reality, much of that activity would have occurred anyway," he said.
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