New York Film and TV Industry Gets a Boost from FY24 State Budget

Home to Vaudeville and Broadway, New York City was the birthplace of the American entertainment industry. But as the landscape of this nation has expanded, competition for industry jobs and investment has grown. Efforts to help ensure New York continues to bring economic development to the state, include the renewal and expansion of the New York State Film Tax Credit Program. The recently passed state budget increased the tax credit from $420 million to $700 million and expands the program from 2024 to 2034.

The entertainment industry brings jobs in production and post- production, as well as supporting industries like catering, transportation, and hospitality to neighborhoods throughout New York City.  In addition, it spurs tourism that is an integral part of the New York economy, and an industry that is, like film and television, still rebounding from the impact of the COVID-19 pandemic. A study conducted by the Mayor’s Office of Media and Entertainment (MOME) reports that in 2019, the film industry supported 185,000 jobs in the city, and productions generated $18 billion in economic activity in the communities that hosted them. The tax credit program is designed to bring the film and television industry back to, and beyond pre pandemic levels.

“We look forward to welcoming new production partners to New York. Broadway Stages’ commitment to our industry and our local communities remains firm. We are proud to call New York home and to play a part in helping to generate economic growth across the city and state,” said Gina Argento, president, and CEO of Broadway Stages. From the corner sandwich shop and hardware store to locally owned lumber yards, restaurants, personal residences, schools, and more, we all benefit (directly and indirectly) from this industry.”

The tax credit program will allow New York to not only remain competitive with Canada and states like New Jersey, Georgia, and more than 30 others with similar tax incentives, but also make it easier for the industry to plan future shows.

“With this tax credit in place, we anticipate an increase in new shows coming to New York to film, and the return of others. And since the program applies only to productions that shoot all or most of their shows in New York, we can be sure that our state and local communities will reap the economic benefits of the tax credit,” said Tony Argento, founder of Broadway Stages.

The tax credit program will not only help New York City to maintain a strong creative economy, but also prompt fair compensation in the face of a changing industry, something that the Writer’s Guild of America is currently fighting for.

Broadway Stages is committed to supporting the growing needs of the film and television industry. It offers facilities where creativity can be nurtured, and contributions fairly compensated for everyone who works in the industry, including writers who must routinely adjust to changes in the media landscape.

The future of entertainment media is dynamic and uncharted. The tax credit program is a major component that will allow the film and television industry to rebound and make a positive economic impact, but we must also ensure equity, fairness, and forward-thinking so that New York, its communities, and its people enjoy a bright and creative future.