PPC funding for post increases from $25 million to $45 million and gets extended to 2034; cited studies show the program has contributed $156M to the state’s tax revenue.
Post New York Alliance (PNYA) lobbied for and supports the new agreement between New York Governor Kathy Hochul and state lawmakers to expand the state’s Film Tax Program with an overall funding increase from $420 million to $700 million annually.
The program’s Post-Production Tax Credit (PPC) sees funding for post-production activity increase from $25 million to $45 million. Rebates for individual productions will rise to 30% from 25% for post work within the Metropolitan Commuter Transportation District (MCTD) and 35% from 30% for post performed Upstate. In addition, producers can now claim rebates in the taxable year of the completion of projects. The PPC is extended to 2034.
PNYA has been a proponent of the Film Tax Incentive program and has lobbied for the post-production industry’s inclusion.
“PNYA is grateful to Governor Hochul and her administration for extending and expanding the tax credit program,” said Yana Collins Lehman, PNYA Chair and CEO of Trevanna Post. “The growth of the post-production industry is more certain than ever. We plan to continue our investments in outreach and training to ensure everyone has an opportunity to work in post.”
PNYA recently funded a study of PPC’s impact on the post-production industry and New York State’s economy in general. Conducted by H&RA Advisors, the study showed that the program produced $156 million in tax revenue annually while delivering an eightfold return on fiscal investment. It has also contributed to a 25% increase in post-production employment over the past seven years.
As successful as the PPC has been, PNYA states “that its extension is crucial to the post-production industry’s continued growth as it faces rising competition from other states offering similar incentives.” Furthermore, PYNA notes, “the increases will allow post-production companies to thrive and capitalize on their advantages in infrastructure, experienced crew, and long-established relationships to studios and production companies.”
Source: Post New York Alliance