ALBANY – Senate President Pro-Tempore Malcolm Smith and Senator Jose Serrano joined forces with the Motion Picture Editors Guild (MPEG) and actor Richard Masur to announce their support for a competitive post-production film tax credit program.

The tax credits would be available to all film production companies who produce and / or edit films in New York State.  The program would incentivize film makers to shoot and do post production work in New York which could create approximately 1,500 jobs, generating over $100 million in revenue. 

Currently, filmmakers in New York are eligible for a tax credit of 30 percent of qualified expenditures (including post production), with the requirement that 75 percent of the production be done in New York State (excluding post production).  The proposed tax credit program consists of two parts, a proposal put forth by Governor Paterson and legislation sponsored by Serrano.