NY Film & TV Tax Credit Is Extended
Dear Member,
I hoped to send a message with only good news, but I must share in the collective shock and sadness over the mass shooting in Brooklyn yesterday. My heart is with the victims and their families, the first responders and the entire New York City community dealing with the after effects of this terrifying act of violence. Sending healing energy towards all who need it, as New York must rise again from a collective trauma. It is better news that the suspect has been apprehended.
Spring has finally sprung, and with it, thoughts of renewal. In keeping with the season, we’ve got some great news for our members. The newly released New York State budget includes an extension of the New York State film and TV tax credit. I would like to thank Gov. Hochul for including the extension in the final state budget and, especially, for incorporating our suggested improvements to the language of the COBRA subsidy.
Here are some of the budget highlights:
The New York Legislature passed our top priority: The Governor’s proposed three-year extension to the film production and post-production tax credits. The incentive program now runs through 2029. As always, a big thank-you to the SAG-AFTRA New York Local Board, our New York Local Executive Director Rebecca Damon and the New York State AFL-CIO for their tireless advocacy.
In addition, in order to encourage diversity, production companies will be required to file a diversity plan outlining their specific goals for hiring a diverse workforce.
2. COBRA Subsidy Program Improvements
We succeeded in making the program more accessible and more affordable by raising the income cutoff from 200%of the federal poverty level to 400%.
New income cutoffs will be:
$54,360 for an individual.
$73,240 for a family of two.
$92,120 for a family of three.
Out-of-pocket costs to members were successfully reduced by increasing the amount of the subsidy from 50% of the COBRA cost to 75% and expanding access to the program for 12 months of coverage over five years. The program was previously capped at 12 months total lifetime access.
For all of these benefits, I’d like to thank you. Our New York Local members were incredible advocates on these issues. Your calls and emails to New York state legislators made our voices heard. Congratulations!
I hope you’ll join us to celebrate this win at our 2022 virtual New York Local membership meeting, which will take place via Zoom on Monday, May 16. You must RSVP in order to receive a link to participate. We’ll be discussing the tax incentives as well as all of the other activities and issues that are of import to our local. I look forward to seeing you and hearing from you.
Forward together,
Ezra Knight
New York Local President
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