NYS Film Tax Credit Changes

The Governor’s Office of Motion Picture & Television Development is holding virtual information sessions to inform the industry of the newly expanded film tax credit program and answer questions. Earlier this month, Governor Hochul announced transformational changes to extend and enhance the New York State Film Tax Credit Program as part of the historic FY 2024 New York State Budget. These changes include increasing the annual allocation from $420 million to $700 million, extending the program by five years from 2029 through 2034, increasing the base credit percent from 25% to 30%, including double capped above-the-line wages as qualified costs, and more. This new credit will have a major impact Upstate, where productions can receive up to 40% credit for filming in most Upstate counties.
 
The next information session will take place on Wednesday, June 14 at 3:30 PM EST. MPTV looks forward to hosting more information sessions and continuing the conversation about the exciting developments taking place in New York’s film and television industry. Over the next several months, MPTV will continue to update all materials including websites, applications, guidelines, and regulations to reflect these exciting changes.

For more info: Governor’s Office of Motion Picture & Television Development (MPTV).