Bloomberg Signs Tax Incentive Legislation to Lure Productions to NYC
by Brian Brooks
New York City mayor Michael R. Bloomberg recently signed into law a five percent city tax credit for qualified film and television productions as part of the "Made in NY" incentive program as outlined in his State of the City address, which he officially unveiled last August. The new law will allow a 5% refundable tax credit for film and television production companies as well as the 10% tax credit qualified productions receive from New York State.
The legislation allows producers to claim a tax credit against their "below the line" costs, including the work of costume makers, locations scouts, production assistants, camera and sound technicians, caterers, extras, and film editors throughout the city. Up to $12.5 million in tax breaks will be available each calendar year.
"This film tax credit will make New York City more competitive and provide more jobs to professionals in this key economic sector," Mayor Bloomberg said in a statement. "I am incredibly delighted to be able to sign this legislation into law. New York City is the greatest film set in the world and, this law will help return New York City to prominence as a location for film and television production, ensuring that films that are set in New York City are actually shot there."
Among those already taking advantage of the new tax credit is GreeneStreet Films' latest production, "Awake." GreeneStreet president John Penotti had originally scouted in Dublin and London, but decided to go for New York to take advantage of the new incentive. Also shooting in Gotham as a result of the new law is the FOX television show, "Jonny Zero."