New York Just Supercharged Its Film and TV Tax Incentives

New York State has officially expanded its film and television tax credit program, making it one of the most generous and competitive in the country. This is excellent news for producers, post houses, composers, VFX teams, and especially indie filmmakers.

Here’s what you should know

The annual cap has increased to $800 million, including a dedicated $100 million fund for independent productions. That’s 20 million for films under 10 million dollars and 80 million for larger indie projects.

Documentaries are now eligible for the main film production credit.

There are bonus incentives for:

• Multiple NY-based productions totaling at least 20 million or 100 million dollars

• Hiring five or more musicians for in-state scoring

• VFX or animation work where 10 percent of the budget, or $500K, is spent in New York

• Post-production with at least 75 percent of editing or one million dollars spent in-state

The 500K cap on above-the-line wages has been removed.

Best of all, tax credits will now be paid out in the same fiscal year for new applications, and the program is extended through 2036.

This is a big moment for the New York production community. Whether you’re working on a feature film, a limited series, or an animated short, these changes can significantly reduce your costs and make in-state production more attractive than ever.

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