Since 2017, SNL has benefited from $111 million in tax incentives, prompting debate about the effectiveness of production subsidies in New York. Other shows receive even more, such as The Blacklist with $170 million. Advocates claim such incentives create jobs and generate tax revenue, but economists raise doubts, citing low returns. Governor Hochul's push to double incentives reflects competitive pressures from other states also seeking to attract film productions, though questions about the actual economic impact persist amid skepticism regarding financial returns on investments.
The New York State Department of Taxation and Finance estimated a return of only 31 cents on the dollar in incentives, raising concerns over actual economic benefits.
SNL has received $111 million in tax incentives since 2017, highlighting New York's significant financial support for local film and TV productions.
Governor Kathy Hochul's proposal to double production cash incentives faces skepticism as studies suggest states lose money despite apparent job creation from filming.
While New York is incentivizing media productions to compete with other states, critics question the effectiveness of the incentives given the low returns reported.
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