In New York State, TV/film producing companies will soon be subject to a slight hike in their tax contribution. New York State Film Production and Post-Production Tax Credit Programs will have their tax credit slightly reduced. The supplementary money will be put toward a job training and workforce development fund in the entertainment sector.
The monies that will be generated by this small hike will be approximately $1m per year. With this, New Yorkers will have more chance of gaining employment in the entertainment industry, should they desire. This will have an impact on growth in the sector within the state of New York.
According to Chairman of NBCUniversal Film & Entertainment Group, Jeff Shell:
“NBCUniversal has a long-standing commitment to developing the next generation of talent, both in front of and behind the camera. We applaud Governor Cuomo for his leadership on this issue and his administration’s continued attention to fostering diversity in the media industry.”