State finds $2.1B for TV tax incentive
POST STAFF WRITER
Last Updated: 5:12 AM, July 2, 2010
Posted: 1:13 AM, July 2, 2010
The New York State Legislature has agreed on a huge $2.1-billion incentive to keep TV and movie production from leaving the state.
Lawmakers in Albany were expected to vote on the allocation late yesterday.
The tax allocation is spread out over five years -- $420 million per year to cover a 30 percent tax credit to film and TV companies.
NBC's "Law & Order: SVU," which previously filmed in North Jersey, is expected to move to Manhattan to take advantage of tax incentives. Jersey, which is in the throes of its own budget crisis, cut off its production subsidy last month.
Connecticut is actively trying to lure TV production there with tax breaks and has already landed such TV shows as "Maury" and "The Jerry Springer Show."
The state gives out the tax breaks with the idea that it ultimately brings jobs and spending here far in excess of the original outlay.
The incentives are popular with producers.
The $350-million production incentives allocated for this year were exhausted months ago, according to The Hollywood Reporter.
State bills must sit for three days before being eligible for a vote, so the actual vote on allocating the funds could be put off until after the July 4 holiday.
The state Assembly and Senate were originally supposed to vote on the new allocations by last April 1, but the state's budget crisis and dithering in Albany resulted in a nearly three-month delay.
Parts of the budget have been passed in recent days.
Gov. Paterson's office has said the new tax incentives should "enhance the state's return on investment," according to The Hollywood Reporter.
Read more: http://www.nypost.com/p/entertainment/tv/state_finds_for_tv_tax_incentive_q8RUnkhDI5Mz7Dc83nFZnL#ixzz0sWUgiTts
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