Tax credits a ‘reel’ boon
ALBANY — Lights, camera . . . edit!
New York got a lot cheaper for post-production film work yesterday when Gov. Cuomo signed a bill to triple existing tax credits to 30 percent downstate and 35 percent north of Dutchess County.
Cuomo’s office said the old 10 percent credit for post-production editing of films shot outside New York and affiliated jobs was “underutilized” since it was instituted in 2010, with only 19 applications for the credit in two years.
A separate film-tax credit has generated $7.57 billion in economic value on $1 billion worth of credits since it began in 2004, Cuomo’s office said.
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