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******************** NYS Tax Incentive News************************
NEW YORK STATE Extends Production Tax Incentive Program through 2019 - go to NYS Tax Incentives
(December 2014) After studying best practices from across the country, ESD has made the decision to implement a voluntary initiative that allows applicants to submit final applications with 3rd party audit reviews by pre-qualified CPA firms. This new process will further improve and expedite the tax credit process for companies. The full list of pre-approved CPA firms will soon be posted on the Empire State Development website (esd.ny.gov).
Key elements include:
- The program is voluntary;
- Only Prequalified CPA firms may be used;
- Rigorous review standards;
- Transparent process – the firms and procedures are posted on ESD’s website; and
- ESD still reviews to ensure complete applications are submitted and CPA reviews are in compliance with the procedures.
It’s important to note that this change will also benefit those productions which opt not to undergo third party auditing, by allowing ESD’s internal auditors more time and flexibility in their application review process. As a result, the introduction of these new procedures will be a positive development for all participants in New York’s Film Tax Credit Program, from indies to tent-poles.
The Film Tax Credit Program has experienced great success in recent years. The addition of a third party auditing option further strengthens the program and ensures that the credits will be issued in a timely manner while providing greater transparency and accountability to New York State taxpayers.
NYS Tax Incentives = Jobs.
New York Faces in Production profiles the industry
The short film below was produced by NYPA with all donated guild and union professionals’ time from IA Local 52, IA Local 600, Teamsters Local 817, MPEG IA Local 700, DGA and SAG, whom we owe our gratitude. Special thanks to Sound One, CEC, NBCU, MPAA member company New York productions, Silvercup, Kaufman Astoria and Steiner studios.