With New Jersey nipping at its heels and producers complaining about tardy payouts, New YorkGov.
The changes, which must be approved by legislators, are meant to draw filming to the state.
A key provision would increase the credit from 25% to 30% for eligible production and post-production.
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The credit had been lowered by former Gov.
Andrew Cuomo in 2020, just as other states were increasing their tax incentive programs.
Make above-the-line wage costs eligible, with restrictions: It would cap credit at $150,000 per individual.
Qualified above the line wages capped for each production at 40% of other qualified production expenses.
Modify payout rules, allowing businesses to get paid sooner.
Incentivize the relocation of TV series that are filming elsewhere with a 5% bump for two years.
Series need to have filmed 6+ episodes in other jurisdictions before relocating to NYS.
A required minimum budget of $1,000,000 per episode intended to weed out smaller productions.
There was no change requiring a film budget of $1 million in NYC for tax credit eligibility.
However, the minimum budget is only $250k north of Westchester County.
NY remains a big prodution destination but other states have been ramping up incentives.
Neighboring New Jersey under Gov.
