new york state film production tax credits
Film Production Companies
The New York State Film Tax Credit Program offers the production industry the nation’s most stable and successful production and post-production tax credits. When choosing a location, film production companies have several details to consider, such as facility and crew availability, location, and accessibility to services. To keep competitive with international incentives and make domestic production more appealing, New York State as well as other states have developed film production incentive programs. By taking advantage of these substantial credits and incentives, business owners can greatly improve cash flow and grow and strengthen their long-term position in the marketplace.
New York State Film Tax Credit Program – How it Works
The Film Production Tax Credit program is designed to strengthen the film production industry in New York State and its positive impact on the State’s economy.
Program credits of $420 million per year can be allocated and used to encourage companies to produce film projects in New York State and help create and maintain film industry jobs.
Production companies may be eligible to receive a fully refundable credit of 30 percent of qualified production costs and post-production costs incurred in New York State.
For the period 2015-2022, productions with budgets over $500,000 can receive an additional 10 percent credit on qualified expenses incurred in various counties including Broome, Cortland, Madison, Oneida, Onondaga, Oswego, Tioga and Tompkins, and several others outside of New York City.
How we can help
Our team at Grossman St. Amour CPAs assists with all aspects of the process beginning with assessing eligibility, the application process and completion of all related applications and submissions, transaction structuring, all the way through to tax preparation for the entities claiming the credits.
Our comprehensive services include:
- Applications and final submissions
Film accounting and bookkeeping
Chart of accounts structure
Training on film accounting software
Forecasts, budgeting and funding
Monthly and/or quarterly reporting
Consulting with organizational structure
Tax credit planning and analysis
Tax return preparation
To learn more about the tax credits and incentives your business may qualify for, please contact: