File #: Res 1625-2008    Version: * Name: Legislation which would increase New York City’s Empire State film production tax credit for qualified production costs from 5% to 15%.
Type: Resolution Status: Filed
Committee: Committee on Finance
On agenda: 9/24/2008
Enactment date: Law number:
Title: Resolution calling upon the New York State Legislature to pass, and the Governor to sign, legislation which would increase New York City’s Empire State film production tax credit for qualified production costs from 5% to 15%.
Sponsors: David Yassky, David I. Weprin, Gale A. Brewer, Leroy G. Comrie, Jr., Lewis A. Fidler, Michael C. Nelson, Domenic M. Recchia, Jr., Thomas White, Jr., Alan J. Gerson
Council Member Sponsors: 9
Attachments: 1. Cover Sheet

Res. No. 1625

 

Resolution calling upon the New York State Legislature to pass, and the Governor to sign, legislation which would increase New York City’s Empire State film production tax credit for qualified production costs from 5% to 15%.

 

By Council Members Yassky, Weprin, Brewer, Comrie, Fidler, Nelson, Recchia Jr., White Jr. and Gerson

 

 

Whereas, With its beautiful skyline, landmarks, and architecturally significant buildings in a wide range of styles, New York City is a premier destination for film and television productions; and

Whereas, Film and television play an important role in fostering economic growth by promoting our state and city on movie and television screens across the world; and

Whereas, However, prior to 2005, New York was losing its film and television business to neighboring states that enacted their own tax credits against production costs- a loss that has cost the New York economy approximately $750 million; and

Whereas, Now, New York State and New York City offer Film Production Tax Credit programs, which, combined, can provide qualifying film and television productions  (feature films, episodic television, pilots, and television movies, for example) a fully-refundable tax credit for  up to 35% of production costs (such as costs of technical and crew production, expenditures for facilities, props, makeup, wardrobe, set construction, and background talent) incurred in New York State and/or New York City; and

Whereas, Specifically, the New York State Film Production Credit program provides a refundable 30% tax credit for qualified production costs; and

Whereas, The Made In New York program, the New York City program, provides an additional 5% credit for qualified production costs; and

Whereas, According to the Mayor’s Office of Film Theatre & Broadcasting, “Since the inception of the “Made in NY” incentive program in 2005, the city has witnessed record-breaking increases in production levels. In 2006, for example, the city hosted 34,718 location shooting days, compared to 23,321 shooting days in 2004, the year before the credit was passed.”; and

Whereas, Recognizing the necessity and economic benefit of maintaining New York as a premier destination for filmmakers, on April 23, 2008, New York State Governor David Paterson signed legislation tripling the New York State credit from 10% to 30%; and

Whereas, The New York City credit, however, remains at 5%, the same percentage as when the credit was first signed into law in 2005; and

Whereas, Tripling the City credit from 5% to 15% will allow for more film and TV productions to continue to be filmed in New York City, thereby generating tax revenue, economic activity and good jobs for New Yorkers; now, therefore be it

RESOLVED, That the Council of the City of New York calls upon the New York State Legislature to pass, and the Governor to sign, legislation which would increase New York City’s Empire State film production tax credit for qualified production costs from 5% to 15%.

 

 

 

TT 9-9-08

LS# 5461