A law signed today by Gov. Andrew Cuomo to expand New York state’s film tax credit includes an extra credit for Upstate post-production work.
The law boosts an existing qualified film and television post-production tax credit from 10 percent. It increases the credit to 30 percent in the New York City metropolitan commuter region and 35 percent in the state’s other areas.
New York established the 10 percent post-production credit in 2010. However, it drew only 19 applications since then.
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“The purpose of the post-production film tax credit is to incentivize the film industry to do post-production work in New York state,” state Sen. John DeFrancisco said in a news release. “The credit has been underutilized. This new law increases the percentage available for post-production credit, and will facilitate a greater utilization of those funds throughout New York state. It encourages production companies to conduct business and create jobs in New York.”
Post-production work includes editing after the end of filming. It can take the form of visual effects, color correction, and sound editing.
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