New York proposes new Incentive Rules

According to an email alert from The Incentives Office, the new New York State film and TV credit was approved by the legislature as part of a new budget, which is awaiting signature from Governor Patterson. However, there are notable changes to the way in which the credit will be dispersed. From their email:

The $350M is an additional allocation to their state tax credit program which ran out of funding last month, and the percentages (state - 30% and city - 5%) remain the same. The major change is the manner in which the rebates will be paid out. For credits under $1M, the incentive will be paid in the following year; for incentives between $1MM - $5MM, the incentive will be paid over two years (1/2 each year) and for credits above $5M the credit will be paid in thirds (1/3 each year) over three years. Tax returns are required to be filed in the state for all of the rebate programs.

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