Gov. Kathy Hochul of New York has proposed an increase in the film tax credit to stay competitive with New Jersey and other states.The governor of New York, Kathy Hochul, has proposed an increase in the film tax credit in order to remain competitive with neighboring states like New Jersey. This comes as New Yorkers, along with residents of many other states, have been paying more for entertainment in recent years, on top of their Netflix or Hulu subscriptions.
On average, each New York household has contributed about $16 in taxes towards producing the popular drama series “Billions” since 2017. In addition, households have also paid roughly $14.50 for “Saturday Night Live” and $4.60 for “The Irishman,” among other shows and movies. This adds up to a total of over $5.5 billion in incentives since 2017, as reported by the New York Times.
As a new state budget agreement nears, Gov. Hochul has expressed her desire to add an additional $100 million in credits for independent productions, bringing the total film subsidies to $800 million a year. This is almost double the amount from 2022.
Other states also offer significant incentives in a bidding war for Hollywood productions, with the belief that these tax credits will stimulate the economy. However, there is a question of whether a state actually recoups more than its investment in these movies and shows, or if it only receives a fraction of the cost.
New York has one of the largest tax credit programs and makes most of its data public. The New York Times has totaled its spending to see which productions have benefited the most from these incentives. However, there is still debate among voters and lawmakers about the effectiveness of these tax credits and whether they truly benefit the state’s economy.
As a subscriber, you can access the full article from The New York Times. If you are not a subscriber, please enable JavaScript in your browser settings to view the article. Thank you for your patience while we verify access.
Source:Read More