One year after the strengthened post-production tax credit took effect, Empire State Development President, CEO & Commissioner Kenneth Adams today released new data showing post-production business is booming in New York State. The data, compiled by the Post New York Alliance, shows post-production hiring is up (by 25 percent, on average) with 173 new hires since this time last year. It is estimated that the uptick in new post-production business will generate nearly $70 million in new spending in the state. In the last year alone, post-production companies reported spending nearly $18 million to expand and purchase new equipment to accommodate the increase in business demand.
“Last July, the State sent a clear message that we wanted to attract the good-paying jobs this fast-growing industry provides,” said Empire State Development President, CEO & Commissioner Kenneth Adams. “A year later, from Buffalo to New York City, post-production business is booming. Under Governor Cuomo’s leadership, the State’s film and television program is taking off – bringing new business and jobs to New York and making it the place to be for the film and television industry.”
Yana Collins Lehman, managing director of Trevanna Post and executive board member of the Post New York Alliance, said, “In the last twelve months, the Post New York Alliance has witnessed an expansion of the film and television post production industry that has surpassed our greatest expectations. All of our members, and the entire industry, owe a huge debt of gratitude to Governor Cuomo and his administration for removing barriers to job creation in the state and supporting our efforts to grow our industry. We have seen consistent hiring and revenue increases across the board since the post incentive was improved last July. So much so that a new visual effects company, Empire Visual Effects, is now doing business in Buffalo: the first of many partnerships between upstate and downstate-private business and public education.”
The strengthened legislation, which Governor Cuomo championed and signed into law last July, was designed to help the State compete for post-production business and jobs, a fast-growing segment of the motion picture and television industry. The law boosted the available post-production tax credit from 10 percent to 30 percent (for post-production work in the New York metropolitan commuter region), and from 10 percent to 35 percent (for post-production work done Upstate.)
Since taking effect:
• 61 productions have applied for post-production work in New York – more than triple the number of applications received during a two-year period under the previous tax credit;
• Seven post-production companies have established new operations, including three Upstate; at least two New York post-production companies have significantly expanded their operations; and
• Revenue has increased, on average, by 31 percent for participating post-production companies in New York.
Productions consistently cite the enhanced credit as key to their decision to bring their post-production work to New York, instead of another state. Pam Williams, producer of soon-to-be-released “Lee Daniels’ The Butler,” said the enhanced credit made it possible for her to finish the film in New York State instead of Louisiana.
“We always knew we wanted to do our post-production in New York because of the great people and facilities here, but we weren’t sure we could make the numbers work,” Williams said. “So when Gov. Cuomo signed the law increasing the post production tax credit to 30 percent last July, it made it possible for us to be where we really wanted to be. Being in New York for our post production has been a terrific help to the film; we have everything we need, every kind of facility and all the most skilled people together, all right around the corner from one another. Only in New York do you get that kind of close community of top notch tal
