Great piece from the New York Post on the benefits New York State is reaping from its film and TV production incentives. Production incentives continue to stimulate local economies by attracting projects that fuel small business spending and local job creation.
Calling the increase in filming “an entertainment bonanza,” the article noted that New York, which last year extended and expanded its incentive program, attracted a record number of television series to film in New York for the 2011 season. Eight new TV series are slated to begin filming this year, creating 4,700 industry-related jobs.
According to the Governor’s Office for Motion Picture & Television Development, New York’s 30 percent production credit has attracted 70 projects to film in the state since January. These projects are expected to inject a total of over $1 billion into the economy.
New York officials and local businesses are speaking up in favor of the program.
Executive Director of the Governor’s Office for Motion Picture & Television Development Pat Swinney Kaufman noted the correlation between the increase in filming and the incentives:
“Last year we announced the extension and expansion of the New York State Film Production Credit program, which ensured a continued commitment to an industry with a proven record of accomplishment in creating jobs and generating tax revenue for New York. As a result, we are bringing in more productions, creating more jobs and showcasing our state as a premier destination for filming…It’s a great time for creating jobs in New York.”
Vice Chair of the Producers Guild of America East Dana Kuznetzkoff agreed:
“The New York State Film Production Credit program has turned New York into a major player in the film and television industry. No longer a location just for quick exterior shoots of iconic locations, New York is now a first choice when deciding where to film. The best crews in the industry plus a tremendous tax credit program are an electric combination for quality entertainment."
Echoing those sentiments was President of Kaufman Astoria Studios Hal Rosenbluth:
“The combination of New York and the State Film Production Tax Credit program are the best marketing tools we have as an industry. We have seen a record number of productions come to New York creating more jobs, expanding facilities and equipment and ultimately generating revenue for New York…The New York tax credit program results in industry-wise growth and sustainability.”
Steiner Studios Chairman Douglas C. Steiner concurred:
“As more and more television production is done in New York, the state makes more and more money. This is simply a great business for New Yorkers, and it’s ours to lose. What’s not to like?”
Producer of HBO’s Bored to Death, Michael Stricks noted:
"As someone based in New York, I cannot overemphasize the importance of the New York State Film Production Credit program. It helps level the playing field and brings in a great volume of work to the state.”
According to the governor’s office, the NY state production incentive program has drawn in 580 projects, generating more than $9 billion in direct spending in the state since its inception. The $420 million per year allocated to this program through 2014 is projected to create thousands of jobs and produce $10.5 billion in direct spending in New York State.
That sounds like a good investment to us.