On April 9, 2022, Governor Kathy Hochul signed
Assembly Bill 9009 and
Senate Bill 8009, amending the empire state film production credit and the empire state film postproduction credit, and creating the empire state digital gaming media production credit; details of the legislation are as follows:
Empire state film production credit and film postproduction credit:
- Stipulates that beginning January 1, 2023, a qualified film production company or qualified independent film production company applying for credit shall, as a condition for the granting of the credit, file a diversity plan with the governor's office for motion picture and television development outlining specific goals for hiring a diverse workforce;
- Extends sunset date to December 31, 2029;
- Provides that for tax credit certificates issued on or after January 1, 2023, the amount of credit shall be reduced by one-half of one percent allowed to the taxpayer;
Empire state digital gaming media production credit:
- Establishes a refundable tax credit equal to 25 percent of qualified digital gaming media production costs of one or more qualified digital gaming media productions, beginning on January 1, 2023;
- Allows for an additional 10 percent of eligible costs incurred in this state but outside the metropolitan commuter transportation district, as defined;
- Establishes an annual incentive funding cap of $5 million;
- Limits the maximum credit that may be earned by a single project to $1.5 million per year;
- Qualifies the first $100k of wages paid to each individual other than actors and writers;
- Salaries of CEO, CFO, President, Treasurer, etc. are not eligible if the media production company has more than ten employees;
- Requirements:
- Include end credit language and logo acknowledging the state's role in the creation of the production;
- File a diversity plan with the department of economic development outlining specific goals for hiring a diverse work force;
- Have a minimum spend of $100k;
- At least 75 percent of total production costs must be incurred and paid within New York state; and,
- Establishes a sunset date of December 31, 2027.
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