Filmmakers get bigger tax break in NY

April 23, 2008 2:14:45 PM PDT
Gov. David Paterson is signing a bill that will triple the tax break for television and movie producers who decide to shoot in New York. The expanded tax credit comes during tough fiscal times with the hope it will bolster a business Paterson says generates billions of dollars of economic activity in New York each year. The change will give film companies a 30 percent tax credit - up from 10 percent - for qualified production costs and extend the program from 2011 to 2013.

Paterson made the announcement Wednesday during the opening of the seventh annual Tribeca Film Festival.

Paterson says New York has been losing out in recent years to other states that have offered their own tax credits, a trend he says has cost the state economy about $750 million.