NY Tax Credits Fuel a Boom in Production and Post

Earlier this year, New York lawmakers voted to extend the state’s Film Tax Credit Program through 2029. The program provides $420 million dollars in refundable credits for production activity in New York, including $25 million for post-production services such as picture editing, color grading, editorial finishing, visual effects, sound editing and sound mixing.

 The tax credit program has been wildly successful, both for the state’s production and post-production industry, and for producers. According to a recent study, film and television industry generates approximately $81.6 billion in total economic output in the state and provides 185,000 total jobs. The New York City Mayor's Office of Media and Entertainment recently found that, thanks in part to tax credits, television production has rebounded to pre-pandemic levels when 80 series per year were produced in the city.

Of course, New York isn’t alone in offering incentives to woo film and television producers. Georgia, Louisiana, New Mexico and other states have their own programs, as do several Canadian provinces, but New York has unique advantages. The state has been making movies since the Silent Era, at a time when Hollywood was an undeveloped expanse of oilfields. Today, the state’s infrastructure to support production and post-production activity is second only to California’s, boasting scores of soundstages, post-production facilities and other resources necessary to produce high quality films and series.

By any measure, the film tax credit has played a significant role in the recent revival of New York’s film and television industry. For producers, the savings can make a crucial difference in getting their projects off the ground. But while lower costs have brought producers to New York, they stay for the talent. Unlike many production and post-production centers around the county, New York has a deep pool of experienced actors, crew and post-production artists. The expertise they offer is difficult to find elsewhere and impossible to duplicate overnight.

 At Goldcrest Post, our team of artists, producers and technicians are career professionals who’ve been working on top quality film and television projects for years, in some cases decades. They are masters of their craft and dedicated to practicing it at the highest level. “The level of talent and the depth of resources available in New York are unsurpassed,” says Goldcrest Post Managing Director Domenic Rom. “And, the support the industry receives from the state, through the tax credits and other means, is phenomenal. They are a true partner.”

To learn more about New York’s film tax credit program, contact Mark Kaplan.