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Author: The BCW

BCW Defends Value of Film and TV Tax Credits

In a recent letter to the editor published in Crain’s New York Business, BCW Executive Vice President John Ravitz passionately defended New York’s film and television tax credits. Responding to a critical study of the tax credit program, Ravitz highlighted the significant and ongoing benefits it brings to the state’s economy.

Ravitz emphasized the pivotal role of the tax credits in attracting and retaining film production facilities, positioning New York as a leading destination for the industry nationwide. Citing examples from Westchester County, he pointed to the transformation of Yonkers into “Hollywood-on-Hudson,” attributing it to the incentives driving the opening of state-of-the-art production facilities and creating hundreds of jobs.

Beyond job creation, Ravitz underscored the broader socio-economic impact, noting how these investments stimulate local businesses and provide educational opportunities for disadvantaged youth. Highlighting collaborations with public schools to establish media arts programs, he showcased the program’s capacity to uplift communities and foster economic growth. In partnership with the Yonkers Public Schools, Great Point is opening a media arts high school that will allow some of the most economically disadvantaged young people in Westchester the option to attend college or learn skills that will enable them to be hired for high-paying film production jobs straight out of high school.

Ravitz concluded by affirming that the surge in economic activity, including increased tax revenues and workforce development, is directly attributable to the state’s incentive program, emphasizing its indispensable role in driving New York’s film production industry forward.

https://www.crainsnewyork.com/letters-editor/letter-film-tax-credits-play-critical-role-augmenting-production-facilities

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