NY Mayor Signs Production
Incentive into Law
On Jan. 3, New York Mayor Michael Bloomberg signed into law New York
City's 5 percent tax credit for qualified film and television productions
as part of its "Made in New York" incentive program.
The new law – which had passed through city council in December
with an almost unanimous vote – complements the state's existing 10 percent
tax credit and provides tax credits up to $12.5 million per calendar
year for below-the-line costs as an incentive to keep productions from
heading outside the country.
"This film tax credit will make New York City more competitive
and provide more jobs to professionals in this key economic sector," Bloomberg
said. "This law will help return New York City to prominence as
a location for film and television production, ensuring that films that
are set in New York City are actually shot there."
The law has already had positive ramifications – convincing one
producer to keep his show in the United States. Greene Street president
John Penotti
declared that the credit made an immediate difference in his choice of
locales for his mid-budget film, Awake. "We were a breath away from
shooting it in Europe — I was there scouting when the legislation
was announced," he reported. "Within 24 hours, we changed strategies
and are shooting it here in New York."
The "Made in New York" program also includes a marketing credit
for film and television productions completing 75 percent of their work
in the city. Qualifying productions will be offered outdoor media valued
at 1 percent of New York City production costs in a co-branded advertising
strategy.
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