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NYC empties its tax credit coffers


July 01, 2009 New York City has exhausted its budget for tax incentives for film and TV productions as of Tuesday, city officials announced Wednesday just ahead of the July 4 weekend. "New York City's 'Made in NY' tax credit for qualified film and television production – the only one of its kind administered by a city in the U.S. -- has reached its full allocation of $192.5 million and funds are no longer available for new applications," the NYC Mayor's Office of Film, Theatre and Broadcasting said. Productions have been able to claim 5% tax credits from the city in addition to a 30% production tax credit from N.Y. state.

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