FY 2026 Empire State Film Production, Digital Game, and NYC Music & Theatrical Tax Credit Expansions

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Episode Transcript

(00:00):
The NYC Mayor S Office of Media and Entertainment MO M is
celebrating the passing of the FI 2026 Nye State budget, Most
specifically the amendments to the Empire State Film
Production, Digital Gaming, Media Production, and NYC
Musical and Theatrical Tax Credit programs, which will all

(00:20):
serve MO Ms. mission to support NYC S creative sectors and make
them accessible to all New Yorkers.
The following outlines the amendments to the Empire State
film production, digital gaming,media production, and NYC
musical and theatrical production tax credit programs.
Film and TV tax credits will be extended from 2034 to 2036 and

(00:46):
includes introduction of a new Production Plus program.
Allows qualifying production companies that submit two or
more tax credit applications to be eligible to receive an
additional 5% to 10% tax credit on future productions through
2028. Introduction of new Empire State

(01:06):
independent film production credit adds 100 M in annual film
tax credits for independent films.
Applies a 30% tax credit to qualifying costs for independent
films. Changes the definition of
qualified independent film production company.
Removes 15 million budget cap per film.

(01:29):
Removal of the tiered payout structure for tax credit
applications filed on January 1st, 2025 or later.
Taxpayer receives 100% of the tax credit in the same year
instead of being paid out over two to three years under the
current law. Removal of the 500,000 cap on

(01:50):
above the line compensation per person adds an extra 10% tax
credit for qualified costs for music scoring incurred in knives
and the scoring costs include payment to a minimum of five
musicians. NYC Musical and Theatrical
Production tax credit will increase from 300 million to 400

(02:10):
million and extend timing by twoyears.
Digital Gaming Media Production Tax credit will allow unused
funds to roll over to subsequentfiscal years.
These tax credit enhancements come as the City of New York
prepares to host major events that continue to make NYC the
creative capital of the world, including the NYC Video Game

(02:33):
Festival on May 31st, New York Music Month Throw.