Brooklyn- State Senator Marty Golden (R-C-I, Brooklyn) and Assemblyman Joseph Lentol (D-Brooklyn) today announced that legislation designed to provide an investment tax credit for film production facilities in New York State was signed into law by Governor George Pataki. This new law builds upon historic legislation signed into law by Governor Pataki, which was introduced by Senator Golden and Assemblyman Lentol last session, that established a 10 percent tax credit for production costs for new films and television series that film in New York.
"The investment tax credit program is intended to make New York a more attractive location for manufacturers by giving a credit for new production facilities and to encourage the modernization of antiquated production facilities. We have built upon our work last year and we continue to grant the Big Apple and the Empire State the tools necessary to compete" said Senator Golden. "I commend Governor Pataki for signing this important legislation, as well as my colleague, Assemblyman Joseph Lentol, for working with me to insure that New York’s film industry will no longer be hampered by the lack of adequate space or sound stages required for the production of films."
"New York has much to offer in terms of locations, studios and first-rate film professionals and support staff. The tax breaks I proposed will encourage investors to build more studios that will bring the productions to New York that would otherwise go to Canada and elsewhere," said Assemblyman Lentol. " We are the best in terms of human and technical resources. New York's great studios such as Steiner, Kauman and Silvercup have more business than they can handle. With these tax breaks we will encourage more world-class studios to be build and bring jobs to New Yorkers. I enjoyed working with my Assembly colleagues and State Senator Golden in making sure that New York is the Hollywood of the East Coast."
The production and post-production industries are an important component of the New York economy both in terms of jobs and business activity. According to "Building New York's Visual Media Industry for the Digital Age," a recent economic impact study, film, TV and commercial production brought $5 billion in direct spending and more than 70,000 jobs to the New York economy in year 2000. In addition, "new-media" production contributed another $5 billion in direct spending.
The new law will encourage growth in this area and bring more production to the State. In the long run, providing a credit to these facilities will serve to maintain New York's position as a leading state for production and post-production activities.
This law takes effect immediately, and shall apply to property in service, or buildings or structural components of buildings for which a final certificate of occupancy is received after January 1, 2005.