NYS Tax Incentive and Indie Film
The independent film world has dreaded this for months. When Governor Andrew Cuomo signed New York State’s 2021 budget last week, he confirmed changes to New York’s Film and TV tax incentive that were negotiated pre-COVID-19. The annual monies earmarked for the incentive program will remain the same ($420 million), but the rebate has been lowered to 25 percent, down from 30 percent. However, the hardest news for many independent filmmakers is that the minimum spend required to qualify for the rebate is now an impossible gap.
Even tax incentives have trolls, but public opinion of tax credits for "tv talk shows" is misinformed at best and politicized at worst.