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NYC's popular tax credit program to be renewed

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New York City officials are working in Albany this week to introduce new legislation that would modify the tax credit program and secure it as an incentive to bring more film and television projects to the city. The Big Apple’s original tax credit allotment — $50 million for four years — wasso popular that the money ran out after just about a year and had to be replenished in 2006. The recent renewal would provide an additional $24 million per year, which would ensure that the credits remain in place through 2011. Under this new proposed legislation, the credit rate would be reduced from five percent to four percent, and there would be an established a cap of $250,000 for each qualified film or episode of a TV series.