As the New York state government plans to vote on a new budget, the recently depleted TV and film tax-credit program isn’t getting as much support as some people wanted.
Instead, lawmakers are set to consider a budget that includes an additional $350 million for the current TV and film tax-incentive program. While these new funds provide a modest infusion, experts think it’s likely this money won’t last until 2013, when the existing incentive program expires. Industry folks were hoping for an extension to the current program.
Considering that last year alone, the state allocated $460 million in tax incentives, it seems likely these new funds won’t last long unless a cap is placed on how much each production can use. The New York Production Alliance, however, has argued against caps, saying that productions need planning security when putting together budgets and deciding on locations.
Fortunately, Silvercup Studios president Stuart Suna said he and others in the industry would continue to push for legislation to provide unlimited production funding.
Lawmakers will vote on the bill on Wednesday, after which it’s likely many TV shows still filming in New York will decide whether they want to stay or decamp to cheaper environments.
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