Keep New York competitive for film production
Rye Brook, N.Y.: Re “Gov’s $227B budget praised and panned” (Feb. 3): In her 2023-24 budget, Gov. Hochul proposes increasing the state’s annual film and television tax credit credit from $420 million to $700 million for the next 10 years. The Business Council of Westchester strongly supports the governor. The credit has already been enormously beneficial in fostering the film sector in the county and is essential to seeing the trend continue. Other states, including New Jersey, are now offering aggressive incentive packages to steer filmmakers their way. While New York has unique advantages, production companies will go elsewhere if the financial disparity grows too great.
Media production in 2021 generated $1.1 billion in sales, up from $752 million in 2020, and supported 3,784 production and service-related jobs. Local governments collected more than $5 million in sales and hotel occupancy taxes in 2021, and more than $2.4 million in film permit and property rental fees.
Currently, the credit spotlight shines on Yonkers, which has earned the moniker “Hollywood on the Hudson.” Last year, Great Point Studios opened Lionsgate Studios in the heart of the city’s downtown, the first element of what will be the largest film and television production facility in the Northeast. The company will open a media arts high school that will allow some of our county’s most disadvantaged children to learn skills that will enable them to work in six-figure film production jobs.
We cannot overstate the economic importance of this burgeoning industry to our county. We all have front-row seats to watch the exciting transformation it is activating. The BCW calls on our state legislative delegation to support Hochul’s proposal. This is one show that must go on.
John Ravitz executive vice president, Business Council of Westchester