MPAA Study Gauges Economic Impact of NY Tax CreditsFinds Production, Ancillary Spending Rose 155% Since Adoption 12/04/2012 10:50 AM Eastern
The Motion Picture Association of America released a study of the New York State Film Production tax credit and concluded that it generated $6.9 billion in economic spending and supported 28,900 jobs across all industries.
The tax credit has been in effect since November 2004, and the MPAA study found that since then, spending in the state by producers has grown from $600 million in 2004 to $1.5 billion in 2001, up 155%.
Coincidentally according to NBCU, on the same day MPAA released the study, MAPP member NBCU posted a YouTube video of interviews about the impact of production tax credits to the city of Philadelphia.
"Nobody will come if we don't have the tax credits," said Sharon Pinkenson, executive director of the Greater Philadelphia Film Office, whose job it is to attract production to the city and the economic benefit that follows it.