New York Daily News -
http://www.nydailynews.com
Money rolls so movies will
BY RYAN McALARY and HUGH SON
DAILY NEWS WRITERS
Wednesday, August 18th, 2004
Movies and television shows set in New York City have been filmed and produced elsewhere for years - a result of the high cost of making entertainment in America's most expensive city.
Soon, however, there could be 100 million more reasons to shoot the real thing here.
The state Legislature has passed a bill that will offer $100million in tax credits over four years for new film and TV productions that operate within the state.
Unless Gov. Pataki opts to veto the bill by Aug. 24 - a move many sources don't expect - the bill will become law.
The windfall is expected to primarily benefit the city's major studios, including Steiner at the Brooklyn Navy Yard, Silvercup and Kaufman-Astoria in Queens and Manhattan's Chelsea Piers Studios.
Douglas Steiner, chairman of Steiner Studios, which will open in October, said the subsidies would help make the city more competitive against studios in Toronto and elsewhere.
"There are lots of people whose first preference is to shoot in New York," Steiner told the Daily News. "I think this just helps to tip the scale for people who want to do it in New York, but who need a little help with the numbers."
The subsidies, which are for 10% of all production costs besides highly paid actors and directors, will generate about $2billion in productions for New York, Steiner estimated.
To qualify for the tax credit, a movie or television show must shoot at least three-quarters of its production here. This is to encourage crews also to make use of New York production studios, such as the new 15-acre Steiner Studios property.
State Sen. Martin Golden (R-Bay Ridge) and Assemblyman Joseph Lentol (D-Williamsburg) were instrumental in pushing the new legislation forward, sources said.
"Our film production industry is threatened by competition from Canada, and these tax credits and incentives are necessary to make New York competitive once again," Golden said.
While New York is one of the world's largest entertainment production centers, generating more than $5 billion in revenues every year, the city faces stiff competition from Canadian film studios, which are highly subsidized and where labor is less expensive, according to a recent Commerce Department report.
"This is the manufacturing industry for the 21st century," said Councilman David Yassky (D-Brooklyn Heights).
"The tax incentive will definitely help the New York job market with well-paying blue collar jobs."
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