How Broadway Stages and the NYS Tax Credit Drive Jobs, Growth, and Community Renewal

On May 9, 2025, Governor Kathy Hochul signed New York State's FY 2026 budget, which includes significant updates to the New York State Film Tax Credit Program. These enhancements aim to bolster New York's appeal as a premier destination for film and TV production. This incentive is significant for the film and television industry, its workforce, and the local economy for several reasons. The tax credit program directly leads to industry growth, job creation, economic development, and support for independent ventures.

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These updates underscore New York State's commitment to maintaining and growing its status as a leading hub for film and television, with anticipated positive impacts on the industry, workforce, and local communities.

Broadway Stages has demonstrated unwavering service and leadership in this cause, aiming to attract industry activity, including the resurgence of independent projects. Achieving consistent and sustainable industry growth is imperative. With these commitments, New York can remain competitive and continue to be the most influential state and metropolis in the nation.

Film, Finance, and the Future of New York

The New York State film production tax credit program is funded at $700 million annually through 2034. Productions may receive a 30% tax credit on qualified expenses incurred in New York State. Qualified expenses include certain above-the-line wages (subject to caps), below-the-line wages, and direct costs.

Eligible activities include feature films, TV series, pilots, and certain relocated or narrative television shows. High-budget or publicly owned shoots with budgets exceeding $15 million must film at least 10% of their principal photography at a Qualified Production Facility (QPF), such as Broadway Stages. The new Production+ initiative provides additional incentives to attract recurring and multiple productions to the state. Productions relocating to New York may be eligible for up to $6 million in tax credits for certain relocation expenses in their first season.

The FY 2026 budget also introduces the Empire State Independent Production Program, offering faster payouts for independent productions. Independently owned operations with budgets of $15 million or less must film at least one day at a QPF.

If you are interested in more details or have specific questions about the program, please contact the Film Tax Credit Program at (212) 803-2328 or via email at filmcredits@esd.ny.gov. You can also subscribe to the MPTD Newsletter for the latest program updates.

The NYS Film Production Tax Credit: A Proven Economic Engine

The film tax credit programs have significantly contributed to New York State's economy by creating jobs, increasing GDP, and generating substantial state and local revenues. As proof of this, in 2023, Empire State Development (ESD) commissioned Regional Economic Models, Inc. (REMI) to create a report assessing the economic and fiscal impacts of New York State's film production and post-production tax credit programs for the 2021–2022 period. The study, titled “Economic and Fiscal Impact of the New York State Film Tax Credit Program: 2021-2022,” analyzed 446 projects, including 233 production and 213 post-production projects initiated during the period.

The report found that the film and TV industry contributed $18.3 billion to New York State's GDP and generated $31.9 billion in total economic output over a two-year period. Of that, projects supported by the NYS Film Tax Credit Program generated $10.9 billion in direct spending, and residents gained $8.9 billion in additional disposable personal income as a result of the program-supported activity.

And while the program provided tax credits to attract businesses to the state, it also generated $2.3 billion in state and local tax revenue over a two-year period, averaging $1.1 billion per year. Citizens of those communities also profited. The program supported a total of 131,454 jobs over two years, averaging 65,727 jobs per year. Of those, 62,846 jobs came from production activities and 2,881 from post-production.

Some other key findings include:

For every $1 in tax credits issued, $13.80 was added to the state's GDP, and a total of $23.90 in economic output was generated
For every $1 in tax credit issued, $1.70 was generated in state and local tax revenue.

The Bottom Line: Investing in Film Is Investing in New York

New York's film and television tax credit fuels sustained industry growth by attracting high-volume businesses and long-term investment. It drives meaningful job creation across creative and technical fields while amplifying the state's cultural influence through diverse storytelling. This incentive ensures that New York remains a dynamic and competitive hub for global content creation.

Broadway Stages is a civic-minded, family-owned and -operated business that helps to drive New York's creative economy while investing deeply in the communities we serve. From sustainable soundstages to local job creation and educational partnerships, we champion inclusive growth and neighborhood revitalization. Our commitment has helped uplift both industry and community across the state.

Now is the time to bring your production to New York and capitalize on the state's enhanced film and television tax credit. With top-tier facilities, unmatched industry experience, and a deep-rooted commitment to community and sustainability, Broadway Stages is your gateway to turning tax incentives into real creative and economic impact. Film smarter, save more, and be part of something bigger. Choose Broadway Stages! Contact us today!

One of New York’s largest and most trusted full-service production studio companies, offering comprehensive services for film, television, live streaming, commercials, live performances, music videos, and more. With over 40 years of experience, we’ve become a cornerstone of New York’s thriving creative industry.

With more than 60 soundstages spanning across Brooklyn, Queens, and Staten Island, Broadway Stages offers over 4 million square feet of state-of-the-art production space, including soundstages, support space, distinctive filming locations, parking, and in-house services for lighting, power, and grip rentals. We provide tailored solutions for productions of all sizes, delivering the resources and expertise needed to meet your creative and technical needs.

Learn about film and TV industry jobs, training, and more in the Broadway Stages’ Industry Resource Guide. Our guide provides information and links to put you in touch with industry-focused job posting sites; general recruiting sites; education and training programs; and state, city, and borough industry information.