New York Film Tax Credits | Entertainment Tax Credits in New York | Film Tax Credit in NY
Film Production Capital provides tax credit-based financing for films in New York, as well as television, digital interactive media (video games), and all other qualifying entertainment productions. We are the largest purchaser/financier of entertainment tax credits in the country that specializes in independent productions. You can find some of the highlights involving New York film tax credits below.
New York Highlights:
30% refundable state tax credit, capped at $420 Mil for
2010-2014
5% refundable NYC cap in addition to above, capped annually at $30 Mil.
For a Level 1 (under $15 Mil project
& and not more than 5% ownership by public company) feature film or
television project to be eligible for the NY State tax credits, the production
must:
• Shoot at least one full day on a set built expressly
for the production at a NY State Qualified Production Facility (QPF).
• Any QPF
located anywhere in NY State or City, whether is it called a Level 1 or
Level 2 facility, will do for a Level 1 production.
• At least 75% of the total of all expenses related to
work (excluding post-production) done at all facilities anywhere utilized
by the production must be related to work done at the QPF.
• Cannot file for certification until total expenditures are complete for the project, regardless of whether or not all expenditures are incurred in NY
• If production is in POOL 2 (usually initial approval after May 2010), production must deliver proof of “I Love NY” screen credit
• Once the film is completed, production has 60 days to file their application for certification, which generally takes 30-60 days to process. Then they will be given a tax credit certificate.
The tax year of the tax credits is determined by either the year of completion (not just NY spend), or one year after the year of the allocation pool (depending on when production submits its final certification, the allocation pool is then determined based on availability), whichever is later.
For a Level 2 feature film or
television project (over $15 Mil project or more than 5% owned by public
company) to be eligible for the NY State tax credits, the production must:
• Shoot on a set built expressly for the production on a
stage located in a Qualified Production Facility;
• If the QPF is located within the five boroughs of the
City of New York,
it must be a Level 2 QPF (if the
QPF is located within NY State but outside NYC, there is no distinction
and any QPF can be utilized by the Level 2 production)
• At least 10% of the total principal photography
shooting days spent in the production of a Level 2 qualified
production (OTHER THAN PILOTS) must be spent at
the appropriate QPF; AND
• At least 75% of the total of all expenses related to
work (excluding post-production) done at all facilities anywhere utilized
by the production must be related to work done at the QPF.
For location work, pre production
and all costs related to work other than post production work done in
New York outside
the facility to be eligible, EITHER
• at least 75% of all principal photography days shot on
location outside the facility must be in NY York State, OR
• the production must spend at least $3 million related
to work at the QPF. (In which case, there is no percentage for location
days)
Qualified production costs generally
include most below-the-line items including costs of technical and crew
production, expenditures for facilities, props, makeup, wardrobe, set
construction, background talent, etc., and generally exclude costs of stories
and scripts, and wages for writers, directors, producers and performers (other
than extras without spoken lines).
NYC program’s cap is typically
exhausted quickly, and may be subject to change.
NY State’s refund is paid out
in 1 year if under $1 Mil, over 2 years if between $1-5 Mil, and over 3 years
if over $5 Mil.
If you are interested in obtaining more information about our services in New York, or any other state, please call us at 1-866-454-9205 or email us at info@filmproductioncapital.com.
Governor’s Office for Motion Picture and TV Development: www.nylovesfilm.com
New York Incentives Information: http://www.nylovesfilm.com/tax.asp
