By David Poland poland@moviecitynews.com
'Made In NY' Money All But Gone; City Council Rides to Rescue
Also today in Variety, Andrew Barker contributes the latest update about the “Made in NY” tax incentive program’s wild success. While his colleague Addie Morfoot had pretty much the same story last December–explaining that the $50 million trough was just about empty–Barker’s version arrives with a weird sense of forboding that implies no good deed goes unpunished:
Less than a year and a half after incentives began, the city has reached the $50 million limit allocated to the initiative.
“Productions which shoot in New York can still take advantage of the state’s 10% tax credit,” says Katherine Oliver, commissioner of the Mayor’s Office of Film, Theater, and Broadcasting. “Mayor Bloomberg supports a continuation of the program, and the next state legislative session will determine its future.”
Applications are still being accepted for the 5% credit, although it is unclear when or if the city’s coffers will be refilled.
Enter City Council members David Weprin, David Yassky, Vincent Gentile and Domenic Recchia (representing Queens and Brooklyn, natch, home to three separate studios) who extracted their cheerleader outfits from the closet yesterday for the Daily News:
Saying it will generate more jobs, a group of City Council members called yesterday for $30 million a year in tax credits for film and television production in the city.
Under a law passed two years ago with the backing of those Council members, the city now spends $12.5 million a year on giving a refundable 5% tax credit to filmmakers who produce 75% of their work within the city.
“You’re not really just benefitting Hollywood,” said Councilman David Weprin (D-Queens), one of the prime boosters of increasing the film production tax-credit pot. …
They’ve also expressed concern that some of the tax-break money is going to production companies that would have worked in the city even without the tax breaks. …
“It’s too soon to say ‘Cut!’ to the film tax credit,” (Yassky) insisted. “We can’t let the tax credit end up on the cutting room floor.”
Insert groan here. The NYDN’s Frank Lombardi goes on to report that the councilmen atribute the delay to political snags in Albany, where budget squabbles have paralyzed the plan’s advance. Meanwhile, the current funds are locked up through 2008, so do not go thinking Ethan Hawke has relinquished your parking space just…quite… yet.