FOR IMMEDIATE RELEASE
July 11, 2006
MAYOR BLOOMBERG SIGNS LEGISLATION EXTENDING FILM PRODUCTION TAX CREDIT PROGRAM
Remarks by Mayor Michael R. Bloomberg at a Public Hearing on Local Laws
"The next bill before me is Introductory Number 384, sponsored in conjunction with the Mayor by Speaker Quinn and Council Members Yassky, Weprin, Recchia, James, Gioia, Jackson, Arroyo, Martinez, Comrie, Mealy and Nelson. Introductory Number 384 extends the enormously successful film production tax credit.
"In August 2004, the State Legislature enacted a law providing State tax credits under a new 'Empire State Film Production Credit,' program and also authorized the City to provide a film production tax credit. As a result of this State enabling legislation, in January 2005, the City enacted local legislation providing a 5% City tax credit for qualified film and television productions. This incentive program was so successful that in March 2006 the program reached its $50 million allocation and yielded a $1.5 billion local economic benefit. The New York State 2007 Executive Budget included a proposed expansion of both the State and City tax credits for film and television production - to $60 million annually for the State credits and to $30 million annually for the City credits, with local opt-in. The increased State and City allocations will be retroactive to 2006 and run until 2011.
"Last year, New York City played host to more than 250 independent and studio films, and 100 television productions. Moreover, the number of shooting days hit an all-time high of 31,570. By opting into the tax incentive program through the passage of this local legislation, we ensure that production business will continue to come to the City. As film production plays a more prominent role in the City's business environment, the Council and our Administration recognize the importance of ensuring that our local entertainment industry reflects the diversity of our City. Over the past year, the Mayor's Office of Film, Theatre and Broadcasting initiated a training program for production assistants to introduce greater diversity into the local entertainment workforce, ensure that crews work collaboratively with the neighborhoods in which they shoot and give more New Yorkers access to job opportunities within the industry.
"Last week we announced the formation of a new working group, to be overseen by the Office of the Deputy Mayor for Economic Development & Rebuilding, whose purpose is to expand job and training opportunities for minorities and women in the onscreen production industry. This working group will continue work begun by MOFTB and the Speaker's Task Force on Diversity in the Film Industry and will be modeled on the successful Construction Commission.
"I would like to thank Katherine Oliver, Commissioner of the Mayor's Office of Film Theatre and Broadcasting and her staff for their work on this bill. I would also like to thank Speaker Quinn and the Council for their partnership on this legislation."
Stu Loeser/Jennifer Falk (212) 788-2958
Watch the video in 56k or 300k