New York City’s Film Tax Credit Legislation May Be Revamped

New York City is rethinking and re-introducing its film tax credit legislation. Maximum tax credits would drop from five to four percent, run through 2011, and cap at a quarter of a million dollars. Television shows could get the four percent credit for the first three years, then a maximum of three percent for the next year, and two percent for the fifth year. Productions must do three-quarters of their shooting in the city to be eligible. Still, not bad.