Dade Hayes in Variety reports on the big news coming out of the NYC Governor's Office: the state is tripling it's 10% tax credit for below-the-line production costs, taking it to 30%. The State Legislature approved the bill, and now it awaits Governor Patterson's signature. Add in the New York City rebate and you wind up with 35% against below-the-line costs associated with shooting in New York. The increased rebate is designed to make New York more competitive with Massachusetts and Connecticut, both of which have large rebate programs.
Just as significant is a change made to the structure of the tax credit -- it will now come back to the investors in one year rather than two.
# posted by Scott Macaulay @ 4/10/2008 11:15:00 PM
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