New York City’s film and television production industry is expanding rapidly as a result of new tax incentives designed to attract big production companies to both the city and the state, NYC Mayor, Michael Bloomberg announced last week.
Speaking on the set of the new Fox Entertainment series ‘Jonny Zero,’ Bloomberg stated that the five pilots currently planned to be made in New York will bring more than $15 million into the city’s coffers.
“Television and film production in New York City is increasing, largely due to innovate tools like our ‘Made in New York Incentive Program’, which is showing film and television organizations that we want to make it easier and more profitable for them to shoot here.”
Signed into law in September of 2004 by Governor George E. Pataki, the ‘Empire State Film Production Credit Program’ provides tax incentives to feature films and episodic television shows that shoot the majority of their filming on qualified soundstages across New York State.
The package includes a 10% State tax credit, 5% City tax credit and 1% marketing credit.
According to Mayor Bloomberg, New York City’s production industry employs 100,000 New Yorkers and generates $5 billion for the City annually.
A comprehensive report in our Intelligence Report series examining tax-sheltering arrangements for investors, including Film Finance, Forest Finance, Venture Capital, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report5.asp
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