Film Production Tax Credit brings lights, camera, jobs
Nearly two decades ago, when I began working for the newly launched Film Albany project for the Albany tourism promotion office, our entire portfolio consisted of a few commercials produced here each year. Since then, upstate New York has become a premier destination for high-profile streaming, television and motion picture productions. In the past few years alone, we’ve had prestigious shows from HBO’S “The Gilded Age” to Showtime’s “Billions” bring their productions – and accompanying jobs and economic investment – to our region.
There’s one reason why: New York’s Film Production Tax Credit program, which provides incentives for producers to locate their projects in our state.
As the film commissioner for Albany County, I have experienced firsthand how this explosion in Albany-based productions has benefited our region. Since its inception in 2004, the Film Production Tax Credit has established New York as a national production industry leader, generating capital investment, tourism, and good-paying jobs in every corner of the state. Indeed, according to an Empire State Development econometric study, the production industry generates $10 in spending in local communities for every $1 in incentives along the way.
New York’s film productions were responsible for more than 114,000 local jobs – nearly 100 percent performed by union members – and contributed in excess of $20.5 billion in overall spending across the New York state economy from 2019-2020. Locally, these productions have created thousands of direct and indirect jobs through spending on lodging, meals and entertainment, as well as increased tourism. One series alone, “The Gilded Age,” was responsible for 5,770 nights of temporary lodging in Albany, generating hundreds of thousands of dollars in revenue for local hotels and significant tax receipts for the county. In addition, the production industry has provided valuable education and employment opportunities for local residents. This has enabled us to develop a skilled and diverse workforce in our region and create a new pipeline of opportunities for our
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However, in recent years, New York has increasingly been losing out to other locations that offer more generous tax incentives for streaming, television and film productions. As a result, many projects have opted to locate outside of New York, including in neighboring New Jersey, hurting our state’s economy and shifting good-paying union jobs out of our communities.
Gov. Kathy Hochul’s proposed expansion of the New York Film Production Tax Credit is absolutely essential to reverse this trend and bring much-needed investment and economic opportunity to our communities. The governor’s proposal is precisely what New York needs to remain a leader in the national and global competition for production activity.
These targeted responses are calibrated to ensure that New York remains an economically viable option for production activity while allowing us to leverage our strengths – talented and experienced crews, a tested industry supply chain, established production studios, and diverse locations – to maintain an edge on other jurisdictions.
Hochul’s proposed expansion of the New York Film Tax Credit is a smart, proven, and necessary investment for Albany and upstate New York that will pay dividends for years to come.