Big News for NY Film & TV: New Tax Credit Boosts Are Here
If you produce in New York—or you’ve been thinking about it—this is the moment you’ve been waiting for.
Last week, Governor Hochul officially signed the FY2026 NYS budget, and it’s packed with some major wins for the film and television industry. The state’s already-strong Film Tax Credit Program just got a serious upgrade with a new focus on keeping productions rolling in New York—and making it even more attractive to stay here.
Key Highlights:
- New “Production+” Bonus: Extra 10% incentive for companies spending $100M+ across multiple projects (5% for indies at $20M+).
- $100M Indie Fund: Fast-tracked credit access through the new Empire State Independent Production Program.
- Above-the-Line Flexibility: Cap removed for individual talent, with guardrails to manage overall costs.
- Program Extended to 2036: Plus faster credit payouts—no more multi-year tiers.
- More Support for Music, VFX & Post: New incentives for scoring, lower thresholds for VFX/animation, and streamlined post-production access.
Here’s What It Means
Two brand-new programs—Production+ and the Empire State Independent Production Program—are set to shake things up. These aren’t just tweaks to existing policies; they’re next-level incentives built to reward loyalty, support indie filmmakers, and streamline the process of turning tax credits into working capital.
The Production+ program gives an extra financial edge to companies that commit to recurring projects in the state, and it levels the playing field for indie shops by offering a lower spending threshold.
Meanwhile, the Empire State Independent Production Program gives $100M in support to help independent productions monetize their credits faster—a much-needed boost for the folks who often operate without studio backing.
This is all part of a bigger push to keep New York competitive—not just with other states, but with global production hubs. These new incentives are designed to keep crews working, soundstages booked, and the creative economy thriving.
What’s Next?
The rollout will take shape over the coming months as new regulations, guidelines, applications, and website updates go live. For now, the message is clear: New York is all-in on Film and TV.
Want to stay ahead of the updates? Subscribe to the MPTV newsletter or reach out directly with questions at (212) 803-2328 or filmcredits@esd.ny.gov.
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