This morning Governor Hochul signed the FY2026 NYS budget, including enhancements to the NYS Film Tax Credit Programs to attract and retain film and tv production. As demonstrated through the budget, the Governor and the Legislature are committed to uplifting the lives of New Yorkers through social and economic initiatives that strengthen New York’s workforce and keep our economy vibrant and strong.
Along with preserving and enhancing the NYS Film Tax Credit Programs, the budget will increase the stability and competitiveness of the New York State film and television industries through two new, first-in-the-nation initiatives: Production+ and the Empire State Independent Production Program.
Highlights from the FY 2026 New York State Budget include:
- Establishment of the Production+ program, which incentivizes recurring business and multiple productions through 2028.
- Companies which produce two or more projects in NYS and commit to at least $100M in qualified spending will receive an additional 10% incentive for future projects.
- Independent companies can opt to reach a threshold of $20 million in qualified spending for an additional 5% incentive.
- Establishment of the $100M Empire State Independent Production Program, an innovative new program which will expedite the monetization of the credit for independent projects.
- Make New York more competitive in attracting projects by removing the individual cap on the Above-the-Line eligibility while maintaining the guardrail to not exceed 40% of all other costs.
- Extend the programs by 2 years, from 2034 through 2036.
- Remove the multi-year payout tiers for new applicants, shortening the time frame of actualizing tax credits.
- Incentivize musical scoring in NY with an additional 10% incentive for projects that include 5 or more musicians.
- Add flexibility to the post-production incentive by enabling productions to either reach a minimum of $1M in qualified costs or the existing threshold of 75% of the total qualified post-production costs.
- Attract more VFX and animation by reducing the eligibility thresholds from 20% to 10% or $500K.
- Through regulatory actions, allowing independent productions to file for a credit earlier in the production process.
Through these significant enhancements, the Governor has demonstrated once again her commitment to New York’s film and TV industry.
The NYS Film Tax Credit Programs are committed to providing a variety of resources for the film industry, strengthening local economies and protecting film & television careers across the state. Over the coming months, these updates will be reflected in new program regulations, guidelines, applications, and website updates. Subscribe to the MPTV Newsletter for the latest information.
For more information or to answer any questions about the Film Tax Credit Program, please contact (212) 803-2328 or filmcredits@esd.ny.gov.
Sincerely,
The NYS Governor’s Office of Motion Picture & Television Development