New York Assembly Approves $350 Million For TV and Film Tax Credits

As expected, the New York state assembly voted today to approve $350 million in TV and film production incentives that allow shows filmed in Manhattan like Gossip Girl, 30 Rock, Damages and In Treatment to write off 30 per cent of their production incentives.

The additional money for tax incentives will likely keep many TV shows and new films in production in New York, but with no cap on how much each project can write off, it’s likely that money will run out in a year. Last year, the state burned through $460 million in 10 months even though that money was supposed to last through 2013.

Because the tax-credit fund was depleted and there was a chance no new money would be added to the program, none of this year’s pilots filmed in New York and the Fox show Fringe decided to film its next season in Vancouver. It’s possible, given the meager funds added to the tax-credit program, that New York could find itself in the same position next spring.

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