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Saturday, March 29, 2008

CT 30% Tax Credit Lures Movies From NY (10% Tax Credit)

Gone With the Cash: Films Go for the Best Tax Breaks (New York Times), by Lisa W. Foderaro:

With a proud film history dating back almost a century, to D. W. Griffith’s creation of a 28-acre production lot in Mamaroneck, Westchester County is increasingly watching production companies be lured across the border to Connecticut, which now offers them a 30% tax credit, compared with New York State’s 10%.

Since the Connecticut tax credit took effect in July 2006, that state has gone from playing host to the occasional film shoot (remember “Mystic Pizza”?) to attracting 66 feature films, television shows and commercials with a collective $400 million in production costs, the majority of it in the Fairfield County suburbs of New York.

At the same time, similar suburbs across the border in Westchester County have seen their film shoots shrivel. In 2006, Westchester was the setting for scenes from 14 big-budget features, as well as numerous independent films; last year, two movies were partially shot here.

(Hat Tip: Sarah Lawsky.)  For Massachusetts' experience with a 25% tax credit, see:

http://taxprof.typepad.com/taxprof_blog/2008/03/ct-30-tax-credi.html

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