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.
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