NY State Looks to Free Up $350 Million for Film & TV Productions

Backstage is reporting that New York is looking to free up an additional $350 million for an existing film and TV production tax credit program under a budget agreement reached in the state capital of Albany over the weekend.

Industry sources say, though, that the funding is a simply a small Band-Aid for the short-term rather than a long-term solution. They stress the new funding won't attract and bind TV shows to the state, and it likely will run out within less than a year.

New York state lawmakers are set to vote on the budget bill by Wednesday, with political observers saying its passage is far from certain given a secretive budgeting process, small majorities in the legislature and a big budget deficit reports Backstage. To read the full article click here.

Last year New York state offered films and TV shows that filmed here a 30 percent tax break on production costs. The state slated $690 million in tax breaks through 2013. The program brought so much business to the state that funds ran out last month. Last year alone the state allocated $460 million in rebates. Sources to Cohen the current figure in the budget is $350 million for next year -- and nothing after that.

Last year, 19 pilots shot in New York. Since the funds dried up last month, no new pilots have been scheduled. A total of 26 series were shot here last season, and all the major studios were so booked they were turning business away, said Stuart Suna, head of Silvercup Studios.