The New York legislative body has passed a bill to boost its yearly film tax incentive program by 14%, bringing it up to $800 million. This decision follows shortly after President Trump mentioned he might take action on this issue.
Strict taxes imposed on imported movies
to aid in rescuing a “struggling” film industry.
Gov. Kathy Hochul signed the bill on Friday. It raises the film subsidy from $700 million, which has been the annual allotment since 2023, and includes $100 million designated specifically for independent flicks. To qualify, indie films cannot have more than half of its financial backing stem from publicly traded entertainment companies.
The president of the Motion Picture Association, Charles Rivkin, expressed his gratitude to Governor Hochul and commended the agreement during a statement on Friday.
“The improved and expanded film incentive initiative will solidify New York’s position as a frontrunner in the entertainment and creative industries,” he stated. “The widespread backing from various regions across the state underscores how New York-based production teams, artists, and local enterprises are celebrating lawmakers in Albany at this moment.”
New York’s enhanced film budget has come at a time when both industry leaders and policymakers from Los Angeles to Washington, D.C., have expressed their desire to increase American film production. Importantly,
Filming took place at various locations throughout Los Angeles County decreased by 22% compared to the previous year.
at the beginning of 2025.
Last Sunday, President Trump mentioned that he was considering
applying a 100% tariff on “all and any” movies produced outside of the United States
, in an effort to spur more American production. On Monday, the White House walked that back a bit,
saying “no final decisions” have been made
.
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New York Film Subsidy Hits $800 Million After 14% Increase
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