News: New York Governor Cuomo Triples The Empire State Film Post Production Credit
(Albany, New York--July 27, 2012) The Post New York Alliance is pleased to announce that Governor Andrew Cuomo has signed into law a bill which triples the EMPIRE STATE FILM POST PRODUCTION CREDIT from 10% to 30% (35% for Upstate). It is effective immediately.
The Post New York Alliance (http://www.postnewyork.org)
As this is the first legislation of its kind in the United States, New York is once again leading the way in encouraging film and television productions to take advantage of its world-class talent and facilities.
The independent feature The Butler is a prime example of a production that is already planning capitalizing on the 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.”
Good Universe will be filming Oldboy, directed by Spike Lee, in New Orleans this fall and is slated for post-production in New York. Matt Leonetti, head of physical production for Good Universe said, “This tax credit signals that the New York post production community is about to expand by leaps and bounds. We love bringing our shows to New York to post, and will be able to bring many of them there because of this credit.”
Wayfare Entertainment’s Jeremy Kipp Walker indicated that several of its internationally-based productions plan to return to New York for post production now that the post incentive is 30%. “Nothing like this credit exists anywhere else in the United States. 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,” he said.
“We want to thank Senator DeFrancisco and Assemblywoman Glick for sponsoring our bill, and Governor Cuomo for signing it,” stated Marcelo Gandola SVP of Deluxe Creative Services and President of the Post New York Alliance. “The wheels of New York State government are turning in a direction that will bring thousands of new jobs to our state.”
Yana Collins Lehman Managing Director of Trevanna Post and Post New York Alliance board member added, “The film and television industry is one of our economy’s fastest growing exports. Our NYS elected officials broke new ground with the passing of this Post Production Incentive, and the Post Alliance plans to expand the entertainment industry throughout the great state of New York.”
“This new tax credit provides a wonderful opportunity to grow an already vibrant post production industry in New York,” noted Domenic Rom, Executive Vice President of Technicolor – PostWorks, New York, and a Post New York Alliance member. “We are sincerely grateful to the governor’s office for taking this action which will provide a direct and immediate benefit to the hard-working men and women of our industry.”
This program differs from the existing PRODUCTION TAX CREDIT in that it applies to projects that are not necessarily shot in New York. Its primary goal is to incentivize such projects to bring their post production to New York State.
The Post Production Credit is a fully-refundable 30% (35% for Upstate New York) 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.
Applications are available now on the New York Governor's Office for Motion Picture and Television Development website, http://www.nylovesfilm.com/tax/postProduction.htm
Productions are required to submit the Post Production Tax Credit application before the last day of Principal Photography.
If you have any further questions, please email Yana Collins Lehman at email@example.com.
About The Post New York Alliance (PNYA)
The Post New York Alliance (PNYA) is an association of film and television post production facilities and labor unions operating in New York. PNYA members coalesced around the belief that a unified industry presents the post production community better opportunity to develop and promote public policy that benefits the film and television industry as a whole. To this end, PNYA's objectives include
· incentivizing projects to finish in New York
· marketing the services provided by the New York Post Production industry
· creating avenues for talent to enter into this fast growing sector of the economy