The New York State Film Tax Credit Program

On April 19, 2021 Governor Cuomo signed the Fiscal Year 2022 budget, which amended the New York State Film Tax Credit Program.

Specifically, the new law:

1. Extended the $420 million tax credit program for one more year, until December 31, 2026.
2. Permits certain production and post-production projects that used remote workers outside of New York State, to be designated as in-state spend. The eligible costs are limited to qualified wages and fringes. The eligibility period is backdated to March 7, 2020 and runs until December 31, 2021 or the expiration of the state disaster emergency executive order, whichever comes first. The specific documentation the state will require to be eligible for the out-of-state wages to qualify is still being evaluated by the state.
3. Expanded the definition of “Qualified Film” to include Television Pilots when determining minimum budget requirements. Television Pilots shooting a majority of principal photography in New York City, Nassau, Suffolk, Westchester, and Rockland counties, will require a minimum budget of $1 million. Television Pilots shooting a majority of principal photography in any other New York State counties, will need a minimum budget of $250,000.
4. Added 11 counties to the list of counties eligible for the extra 10% tax credit on direct hires. The additional counties are: Columbia, Dutchess, Greene, Orange, Putnam, Rensselaer, Saratoga, Sullivan, Ulster, Warren, Washington.

If you have any questions, please reach out to your Citrin Cooperman advisor or Ethan Soskel at esoskel@citrincooperman.com or 646-979-6059.