New York City Hopes To Cash In On Chinese Film Production Boom

by Leroy Baker, Tax-News.com, New York

25 April 2005

Soon after introducing a tax credit incentive for film and television producers, the city of New York is hoping to attract a slice of the booming Chinese film industry after signing a deal with a Hong Kong-based production company.

The agreement with Salon films marks the first such deal between New York's film promotion agency and a Chinese production company, and could result in a Hong Kong movie being shot in the city later in the year.

In a bid to attract more film and television producers to New York, in September of 2004 Governor George E. Pataki signed into law the ‘Empire State Film Production Credit Program,’ which 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 for productions that complete at least 75% of their project in New York City.

According to Mayor Bloomberg, New York City’s production industry employs 100,000 New Yorkers and generates $5 billion for the City annually.

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