BCW Urges Extending and Expanding State’s TV and Film Tax Credit

The TV and motion picture production industry is a booming business in Westchester County, creating thousands of new jobs. The Business Council of Westchester wants to keep it growing which is why it supports the New York State film and television tax credit being extended and expanded to keep this thriving and prestigious industry growing within the county’s borders.

In a letter to the editor written by BCW Executive Vice President and COO John Ravitz, he says the BCW strongly supports Gov. Kathy Hochul’s 2023-24 budget that proposes increasing the annual film and television production tax credit from $420 to $700 million for the next 10 years.

Ravitz said the BCW strongly supports the Governor for the simple reason that the tax credit has already been enormously beneficial in fostering the film sector in the county and is essential in seeing the trend continue.

“In fact, New York’s and Westchester’s success in attracting film and TV production companies has not gone unnoticed. Other states, including New Jersey, are now offering aggressive incentive packages to steer filmmakers their way. And while New York has unique advantages, if the financial disparity grows too great, the production companies will go elsewhere,” Ravitz wrote.

Ravitz noted that recently released data from the Westchester County Office of Tourism and Film shows that media production in 2021 generated $1.1 billion in sales, up from $752 million in 2020, and supported 3,784 production and service-related jobs. Local governments also benefitted by collecting over $5 million in sales and hotel occupancy taxes in 2021, and over $2.4 million in film permit and property rental fees.

Ravitz points out that the film tax credit spotlight shines on Yonkers, which has earned a new moniker: “Hollywood on the Hudson.” Last year, Great Point Studios opened Lionsgate Studios in the heart of the city’s downtown, the first element in what will be the largest film and television production facility in the Northeast.

The BCW calls on the state legislative delegation to support Gov. Hochul’s proposal to increase the tax credits for film and television productions. This is one show that must go on.

The Op-Ed by John Ravitz was published in the Westchester Business Journal, Examiner News and even the New York Daily News!

Click here to view an image of John Ravitz’s Op Ed in The Daily News.