Empire State Film Production Tax Credit Report - March 2006
Chapter 60 of the Laws of 2004 created the Empire State Film Production credit to promote film and television production in New York State. The credit is described in Section 24 of the Tax Law and is applied against the tax imposed under Article 9-A, the franchise tax on business corporations, or Article 22, the personal income tax. Originally, the total amount of credit was limited to $25 million in each calendar year, with an aggregate cap of $125 million. The credit was scheduled to expire on August 20, 2008. The 2006-07 Executive Budget extended the sunset date to December 31, 2011 and raised the credit cap to $60 million annually in 2006 through 2011.
The credit is administered by the Governor's Office for Motion Picture and Television Development (MP/TV), which is the entity also responsible for monitoring the status of the aggregate credit cap.
Chapter 60 also mandated an annual report evaluating the effectiveness of the tax credit in stimulating the growth of the film industry in the state. This report was prepared by the Office of Tax Policy Analysis (OTPA) and MP/TV, and the data contained in this report comes from applications filed with MP/TV for allocation of film production credits as of February 2006.
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March 2006 report (pdf)