The Post New York Alliance has announced that Governor Andrew Cuomo has signed into law a bill tripling the Empire State Film Post Production Credit from 10 percent to 30 percent (35 percent for Upstate). It is effective immediately. The new post-production credit is a fully refundable 30 percent (35 percent for Upstate New York) tax credit on post-production costs: the main determining factor is that a project must spend 75 percent of the post-production costs in New York. The independent feature The Butler is a prime example of a production that is already planning capitalizing on the production credit. Producer Pam Williams commented from the New Orleans-based set “We look forward to bringing The Butler to New York to take advantage of world class post-production talent.” Good Universe will be filming Oldboy directed by Spike Lee in New Orleans this fall and is slated for post-production in New York. Matt Leonetti head of physical production for Good Universe said “This tax credit signals that the New York post production community is about to expand by leaps and bounds. We love bringing our shows to New York to post and will be able to bring many of them there because of this credit.” Wayfare Entertainment’s Jeremy Kipp Walker said several of its internationally-based productions plan to return to New York for post production now that the post incentive is 30 percent. “Nothing like this credit exists anywhere else in the United States. It will really help independent filmmakers get access to great talent and facilities available in NY and it will certainly mean a huge increase in vocations in post production for New York State ” he said. “We want to thank Senator DeFrancisco and Assemblywoman Glick for sponsoring our bill and Governor Cuomo for signing it ” said Marcelo Gandola senior vice president of Deluxe Creative Services and President of the Post New York Alliance. “The wheels of New York State government are turning in a direction that will bring thousands of new jobs to our state.” Yana Collins Lehman managing director of Trevanna Post and Post New York Alliance board member added “The film and television industry is one of our economy’s fastest growing exports. Our NYS elected officials broke new ground with the passing of this Post Production Incentive and the Post Alliance plans to expand the entertainment industry throughout the great state of New York.” “This new tax credit provides a wonderful opportunity to grow an already vibrant post production industry in New York ” said Domenic Rom executive vice president of Technicolor – PostWorks New York and a Post New York Alliance member. “We are sincerely grateful to the governor’s office for taking this action which will provide a direct and immediate benefit to the hard-working men and women of our industry.” This program differs from the existing production tax credit in that it applies to projects that are not necessarily shot in New York. Its primary goal is to incentivize such projects to bring their post-production to New York State.
