Tax breaks bring movie-making back to New York
Fri, 28 Feb 2014 22:32:38 GMT —
Recently, film-making has been making a comeback in New York. From Spiderman 2 filming in Rochester to Adult World in Syracuse, Hollywood is once again seeing Upstate New York as a viable filming location.
On Thursday, Netflix and Marvel announced a deal to shoot sixty episodes of a new superhero series in New York. This recent interest in New York filming could have something to do with a change in tax credits for filming, from 10% to 30%.
The Executive Director of the Syracuse International Film Festival says multi-million dollar productions are willing to go anywhere in the world to save money on their projects.
â??In todayâ??s economy, you have to offer them some kind of incentive or they will go elsewhere,â?? Mike Massurin said.
State Senator John DeFrancisco says he supports film tax breaks, but feels the $425 million budgeted specifically for film tax incentives takes away from other possible business opportunities in the state that could bring permanent jobs.
"We should be attracting all industries not just films,â?? DeFrancisco said. â??We should make sure there is at least an equitable allocation of those credits so that other businesses that have other ideas, like high tech companies, there's more money available."
Owen Shapiro from the Syracuse International Film Festival says the money is not wasted because movie and TV tax breaks work differently than other businesses. Films will only get breaks on money spent on supplies, crew and production costs, all money that would not be spent in New York if production went elsewhere.
"They don't get anything back until they spend it and its not costing the state a penny," Shapiro said.
Adult World, which filmed in the Syracuse area in 2012, had a two-million dollar budget, but Shapiro says it most likely had an eight-million dollar impact on the local economy.
Adult World producer and Jamesville-DeWitt native Justin Nappi said in 2012 that tax breaks were key to bringing more movies to Syracuse.