New York Film Tax Credit Economic Impacts

The recent study completed by Ernst & Young shows the astounding impact of the adjusted 30% film tax credit in New York State.  Some of the findings worth highlighting:

• From April 23rd, 2008 through the end of the calendar year, film applications rose 60% over the same period in the previous year.
• Film Industry spending on labor, facilities and vendors in those same periods increased from $940 million to over $1.8 billion (91.5%).
• New York enjoyed an increase of 7,031 jobs following the adoption of the film tax credit, reversing the declines experienced from 1999-2004.
• The total direct and indirect impact of the film tax credit on New York’s employment is an increase of over 19,500 jobs.
• Over $2.69 billion of state and local taxes are expected to be generated from 2005-2010 as a direct result of the film tax credit.
• Discounting the $690 million in credits claimed, New York will generate approximately $2 billion in revenue.
  

Download Ernst & Young’s New York State Film Tax Credit Study

The study indicates that without the film tax credit program New York’s share of employment in the industry would continue to decline.  Bottom line, the New York film tax credit has had an overwhelmingly positive impact, creating thousands of jobs and generating hundreds of millions for the State.  Take a look at the charts below from the study.