New York Governor Kathy Hochul's budget plan includes a significant extension of the Film Production Tax Credit program, increasing its annual cap from $700 million to $800 million. The proposal, which also aims to extend the program until 2036, could cost taxpayers an estimated additional $1.8 billion. Critics, including the watchdog group Reinvent Albany, argue that the program is ineffective, returning only 31 cents for every dollar spent. Changes proposed also include broader eligibility for salary reimbursements for film staff, targeting more substantial financial support for major film productions.
Governor Hochul's budget proposal aims to extend the Film Production Tax Credit program, increasing its cap to $800 million and potentially costing taxpayers another $1.8 billion.
With an independent analysis showing only 31 cents return on the dollar for the state, critics decry the program as a poor investment of taxpayer money.
#film-production-tax-credit #taxpayer-subsidies #new-york-state-budget #government-spending #hollywood
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