BUSINESS NEW YORK
The city on Tuesday unveiled a new "Made in New York" incentive program designed to keep film and TV productions from fleeing the city to lower-cost locales, while Steiner Studios announced that The Producers will be the first major movie to be shot at the soon-to-open Brooklyn facility and one of the first productions to take advantage of new state incentives.
Statewide legislation signed into law this year provides for a 10% tax credit to films and TV shows that do most of their soundstage work in the state, with a $25 million annual cap. As part of the newly announced companion program, New York City will provide an additional 5% tax credit, with a yearly maximum of $12.5 million; outdoor advertising equal in value to 1% of production costs, or a donation equal to 0.1% of costs to a nonprofit cultural institution; and expanded services for productions, including aid with tie-ins to city agencies; location scouting; budget analysis; discounts on hotels, car rentals and vendors; help with finding preproduction office space; and consulting on venues for global premieres and launches.
Steiner Studios joined the governor and mayor in announcing an operating agreement with Mel Brooks' production company, Brooksworks, to bring the production of The Producers: The Movie Musical to Steiner Studios, which opens in October.
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