Motion Picture Association Applauds Expansion of the New York Production Incentive Program
WASHINGTON – Motion Picture Association Chairman and CEO Charles Rivkin today hailed the extension and enhancement of the successful New York State Film and Television Tax Credit Program, which was signed today by Gov. Kathy Hochul as part of the state’s 2023-2024 fiscal budget. The tax credit program has been one of the most successful economic development programs generating $9 of economic activity across the state for each tax credit dollar allocated. The enhancements in the state budget will build on this success by increasing the annual cap to $700 million and the incentive for New York-based productions to 30% incentive.
“Motion picture productions bring jobs, support local businesses, and drive economic growth,” said Rivkin. “Since 2004, when New York first launched its production credit program, the incentives have generated an estimated $23.3 billion in economic activity and created 1.3 million local jobs. This new expansion will allow the Empire State to stay competitive in the production landscape, both domestically and internationally. The MPA is grateful for Governor Hochul’s leadership on these necessary enhancements and to the State Legislature for acknowledging the critical role the film industry plays in the larger state economy.”
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About The Motion Picture Association:
The Motion Picture Association, Inc. (MPA) serves as the global voice and advocate of the motion picture, home video, and television industries. It works in every corner of the globe to advance the creative industry, protect its members’ content across all screens, defend the creative and artistic freedoms of storytellers, and support innovative distribution models that bring an expansion of viewing choices to audiences around the world.
Its member studios are: Netflix Studios, LLC; Paramount Pictures Corporation; Sony Pictures Entertainment Inc.; Universal City Studios LLC; Walt Disney Studios Motion Pictures; and Warner Bros. Entertainment Inc. Charles Rivkin is Chairman and CEO.
Tom Zigo, Motion Picture Association