SB 7509 was signed by Governor Cuomo on April 3, 2020. The bill makes the following changes to the New York State Film Tax Credit Program:
- Lowers the credit amount of qualified production and post-production costs from 30% to 25%;
- Implements a minimum budget requirement of $1M for productions with a majority of shooting days within Westchester, Rockland, Nassau, or Suffolk county or any of the five New York City boroughs, and $250K for productions with a majority of shooting days in any other county of the state (pilots are excluded from this rule);
- Excludes “variety shows” from qualified productions;
- Extends the credit through 2025.
These changes are for applications received on or after April 1, 2020.
These materials have been prepared by Entertainment Partners for informational purposes only and should not be construed as tax advice or relied on for specific projects. Though every effort has been made to remain current, laws and incentives change and therefore this information may have been revised. Please contact your legal or tax advisors to confirm any laws or the effect of incentives on your project. For updates and more information, please visit our website at productionincentives.com.
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