NEW YORK — One year after the strengthened post production tax credit took effect, Empire State Development (www.esd.ny.gov)
president, CEO & commissioner Kenneth Adams says new data shows the post business is doing well in New York State. The data, compiled by the Post New York Alliance, shows post hiring is up (by 25 percent, on average) with 173 new hires since this time last year. It is estimated that the uptick in new business will generate nearly $70 million in new spending in the state. In the last year alone, post companies reported spending nearly $18 million to expand and purchase new equipment to accommodate the increase in business demand.
“Last July, the State sent a clear message that we wanted to attract the good-paying jobs this fast-growing industry provides,” says Adams. “A year later, from Buffalo to New York City, post production business is booming. Under Governor Cuomo’s leadership, the State’s film and television program is taking off, bringing new business and jobs to New York and making it the place to be for the film and television industry.”
Yana Collins Lehman, managing director of Trevanna Post and executive board member of the Post New York Alliance, said, “In the last twelve months, the Post New York Alliance has witnessed an expansion of the film and television post production industry that has surpassed our greatest expectations. All of our members, and the entire industry, owe a huge debt of gratitude to Governor Cuomo and his administration for removing barriers to job creation in the state and supporting our efforts to grow our industry. We have seen consistent hiring and revenue increases across the board since the post incentive was improved last July. So much so that a new visual effects company, Empire Visual Effects, is now doing business in Buffalo: the first of many partnerships between upstate and downstate-private business and public education.”
The strengthened legislation, which Governor Cuomo championed and signed into law last July, was designed to help the State compete for post business and jobs. The law boosted the available post production tax credit from 10 percent to 30 percent (for post-production work in the New York metropolitan commuter region), and from 10 percent to 35 percent (for post work done Upstate.)
Since taking effect: 61 productions have applied for post-production work in New York; seven post companies have established new operations, including three Upstate; and revenue has increased, on average, by 31 percent for participating post production companies in New York.
Post production includes all of the editing after filming is complete and includes visual effects, color correction, sound editing and mixing. The industry also includes thousands of other jobs, from engineers and messengers to creative and support staff.