derrickcollins via flickr.com
July 25, 2012
ALBANY, N.Y. (AP) - Gov. Andrew Cuomo has signed a new law intended to draw more filmmakers to New York for post-production work through bigger tax credits.
According to the governor's office, film and television producers have spent more than $7 billion in New York since the state began offering tax breaks in 2004.
New York's 10 percent post-production tax incentives were established in 2010 and have generated 19 applications.
The new law effective immediately raises it from 10 percent to 30 percent in the greater New York City area, including the lower Hudson Valley and Long Island, and up to 35 percent elsewhere.
It would apply to work after filming finishes like film editing, visual effects, color correction, sound editing and mixing.
Copyright 2012 by The Associated Press. All Rights Reserved