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| Tax Incentives* COPY |
Tax IncentivesTo apply for the NY Tax Incentive, please APPLY HERE New York state offers several programs to the film and television industry in the form of tax credits and sales tax exemptions. Please download our whitepaper on the NY Film & TV Tax Incentives for information on the difference between the production, post production and VFX tax credits. You can also go to this NY state county map to see which counties qualify for which tax credit amount. The New York 30% base credit is extended to 2036. PNYA conducted an economic impact study to show how successful the post production and VFX tax credits have been for New York state. You can find more information and the full detailed report in either the economic impact study summary or the economic impact detailed study. Post Production CreditThe Film Tax Credit Program provides incentives to qualified production companies that produce feature films, television series, relocated television series, television pilots, films for television, and/or incur post-production costs associated with the original creation of these productions. Program credits of $700 million per year can be allocated and used to encourage companies to produce film projects in New York and help create and maintain film industry jobs. Of the $700 million, there is a set-aside for the post-production credit of $45 million per year through 2036. For information on the New York State Film Post Production credit, visit the NY state website. The NY State Post Production credit is a fully refundable 30% tax credit (40% upstate) on qualified post production costs paid in the production of a qualified film at a qualified post production facility in New York State. The incentive applies to post production costs incurred in the creation of certain kinds of film and television projects in New York State. Eligible productions include: Certain categories of productions are excluded from the program, including but not limited to documentaries, news or current affairs programs, interview or talk shows, instructional videos, sports shows or events, daytime soap operas, reality programs, commercials, music videos. "Post production facility" means a building and/or complex of buildings and their improvements in which films are intended to be post produced. "Post Production Costs" means the production of original content for a qualified film employing traditional, emerging and new workflow techniques used in post-production for picture, sound and music editorial, re-recording
and mixing, visual effects, graphic design, original scoring, animation, and musical composition; but shall not include the editing of previously produced content for a qualified film. No, there are no per project caps, and there is a rollover in the annual $45 million allocations going forward until 2036. "Qualified film production company" means a corporation, partnership, limited partnership, or other entity or individual which or who is principally engaged in the production of a qualified film and controls the qualified film during production. In order to be eligible for the credit, the qualified post production costs (as defined on Post Form B) incurred at a qualified post production facility in NY State must meet or exceed 75% of the total post production costs paid or incurred in the post production of the qualified film at any post production facility anywhere OR spend $1,000,000 in qualified costs. An application can be filed NO SOONER than 60 days before the start of principal photography on the qualified film, but NO LATER than the last day of principal photography (or, in the case of a television series, no later than the last day of principal photography on the first episode of the series). VFX/Animation CreditWe highly recommend you file a Visual Effects Incentive Application, whether or not you are planning to do visual effects in NY or visual effects at all. In our experience, the plan for Visual Effects is always changing and new decisions are made at the very last minute. It doesn't cost anything to file for the Visual Effects Incentive and it shouldn't take more than 30 minutes of your time to complete. For more information visit https://esd.ny.gov/sites/default/files/4-Film-Credit-Guidelines-JD05042021.pdf The VFX/Animation credit is a fully refundable credit of 30 percent of qualified VFX costs incurred in New York State (NYS). An additional 5 percent credit is available for VFX/Animation costs incurred in Upstate NY, outside the Metropolitan Commuter Transportation District (MCTD). The MCTD includes New York City, Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk, and Westchester counties. Spend 10% or $500,000 (whichever is less) of your VFX/Animation budget in New York State. Yes! The VFX/Animation credit is a stand-alone credit. No. You don't need to! When your production becomes eligible for the Production tax credit, any qualified post production or VFX work completed in NYS is automatically eligible for the Production tax credit. No. The VFX/Animation incentive requires a 10% or $500,000 spend threshold to be eligible for the credit. It is a stand-alone credit and cannot be folded into the Post Only credit. Any part of VFX/Animation done in NYS is eligible for the Production credit. Not the Post Only. No. But only costs incurred after your initial application is received by the Film Office will be eligible for the credit. 
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