Put up New York Alliance (PNYA) lobbied for and helps the brand new settlement between New York Governor Kathy Hochul and state lawmakers to increase the state’s Movie Tax Program with an total funding enhance from $420 million to $700 million yearly.
This system’s Put up-Manufacturing Tax Credit score (PPC) sees funding for post-production exercise enhance from $25 million to $45 million. Rebates for particular person productions will rise to 30% from 25% for put up work throughout the Metropolitan Commuter Transportation District (MCTD) and 35% from 30% for put up carried out Upstate. As well as, producers can now declare rebates within the taxable 12 months of the completion of initiatives. The PPC is prolonged to 2034.
PNYA has been a proponent of the Movie Tax Incentive program and has lobbied for the post-production trade’s inclusion.
“PNYA is grateful to Governor Hochul and her administration for extending and increasing the tax credit score program,” stated Yana Collins Lehman, PNYA Chair and CEO of Trevanna Put up. “The expansion of the post-production trade is extra sure than ever. We plan to proceed our investments in outreach and coaching to make sure everybody has a chance to work in put up.”
PNYA not too long ago funded a examine of PPC’s influence on the post-production trade and New York State’s economic system basically. Performed by H&RA Advisors, the examine confirmed that this system produced $156 million in tax income yearly whereas delivering an eightfold return on fiscal funding. It has additionally contributed to a 25% enhance in post-production employment over the previous seven years.
As profitable because the PPC has been, PNYA states “that its extension is essential to the post-production trade’s continued progress because it faces rising competitors from different states providing related incentives.” Moreover, PYNA notes, “the will increase will permit post-production firms to thrive and capitalize on their benefits in infrastructure, skilled crew, and long-established relationships to studios and manufacturing firms.”
Supply: Put up New York Alliance
Debbie Diamond Sarto is information editor at Animation World Community.
