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.”

This article was first published on Motion Picture Association