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Recently New York Governor Andrew M. Cuomo signed into law a bill that triples the Empire State Film Post Production Credit from 10% to 30% (35% for upstate). The Post New York Alliance applauds the Governors move.
“We want to thank Senator DeFrancisco and Assemblywoman Glick for sponsoring our bill, and Governor Cuomo for signing it," says Marcelo Gandola SVP of Deluxe Creative Services and President of the Post New York Alliance. "The wheels of NYS government are turning in a direction that will bring thousands of new jobs to our state.”
Matt Leonetti, head of physical production for Good Universe agrees. “This tax credit signals that the New York post production community is about to expand by leaps and bounds," he says. "We love bringing our shows to New York to post, and will be able to bring many of them there because of this credit.” Good Universe will be filming Oldboy, directed by Spike Lee, in New Orleans and is slated for post-production in New York.
Wayfare Entertainment’s Jeremy Kipp Walker indicated that several of their Internationally-based productions plan to return to New York for post production work now that the post incentive has increased to 30%. “Nothing like this credit exists anywhere else in the US. It will really help independent filmmakers get access to great talent and facilities available in NY and it will certainly mean a huge increase in vocations in post production for New York State.”
The Butler, a Lee Daniels directed feature film currently filming in New Orleans is planning to take advantage of the new production credit. Producer Pam Williams commented from the New Orleans-based set, “We look forward to bringing The Butler to New York to take advantage of world class post production talent.”
The Post Production Credit is an immediately available, fully-refundable 30% (35% for upstate NY) tax credit on post production costs: the main determining factor is that a project must spend 75% of the post production costs in New York.
For more information or applications visit the New York Governor's Office for Motion Picture and Television Development website at: www.nylovesfilm.com/tax/postProduction.htm
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