Make your contribution now and help Gothamist thrive in 2023.New York State Assembly Speaker Carl Heastie says he is “personally very supportive” of New York’s tax breaks for movie and television productions, which Gov. Kathy Hochul is looking to increase to $700 million a year asHeastie voiced support for the state’s film tax break on Tuesday, saying New York needs to make sure it continues to support the industry amid competition from other states.
The tax credits are currently capped at a total of $420 million a year. Hochul’s proposal would boost that by $280 million a year beginning in 2024 and extend the program through 2034, while also increasing the minimum credit to 30%. Hochul also wants to make the first $500,000 of each actor, director, writer and composer salary eligible for the credit for the first time, subject to a cap.
But the governor’s proposal has been met with pushback from think tanks, good-government organizations and advocates focused on child poverty issues, who question whether subsidizing the film industry is the best way to spend hundreds of millions of dollars a year. Senate Majority Leader Andrea Stewart-Cousins said the budget negotiation process is still in its early stages and didn’t take a position on Hochul’s proposal. But she noted that her Yonkers office is now across the street from a new, massive film production facility housing Lionsgate Studios.
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