wkbw_49278_Super7_658x90.png

Actions

Film tax credit pumped $40 million into WNY economy

Posted at 9:59 AM, Jan 25, 2018
and last updated 2018-01-25 10:01:31-05

The New York State Film Tax Credit Program has help WNY cash in on the entertainment industry.

Just last year, eight movies were shot in WNY, pouring more than $40 million dollars into the local economy.

According to the state's official website, the tax credit program offers "credits of $420 million per year [which] can be allocated and used to encourage companies to produce film projects in New York..."  

Production companies can even be refunded 30 percent of "qualified production and post-production costs" incurred in the state.

Until the year 2022, productions --movies, TV shows, commercials-- with budgets over $500,000 can receive an extra 10 percent credit on eligible labor expenses, if they shoot in counties such as: Albany, Cattaraugus, Chautauqua, and Erie.

The program expires in 2019. Lawmakers are expected to discuss the future of the credit in this year's session.