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March 6, 2006 - New York City’s five percent tax credit related to the “Made in NY” incentive program has been so successful that the credits have now reached the $50 million allocated for the program. Productions which shoot in New York City can still take advantage of the State’s ten percent credit. The City will continue to accept applications for the five percent credit, and the next State legislative session will determine the future of the program.
The "Made in NY" incentive program yielded a $1.5 billion impact in New York during 2005, creating jobs for more than 10,000 New Yorkers. Over 250 independent and studio films and a lineup of over 100 new and returning television productions shot in New York City's streets and studios in 2005. The City's production industry employs 100,000 New Yorkers, injects $5 billion into our economy annually, supports 4,000 local businesses and supports the City's multi-billion dollar tourism industry by giving the City free marketing to audiences around the globe. The City actively competes for this vital business with municipalities across the world.
The incentive program continues to offer producers a marketing credit which provides free advertising on media in the country’s largest market to support productions which do at least 75 percent of their shooting throughout the five boroughs, at a value of one percent of the production’s below-the-line budget. The “Made in NY” discount card continues to offer savings to all active productions, providing discounts at more than 450 vendors across the five boroughs.
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