THOMPSON TO GOVERNOR: DON'T YELL "CUT" ON MOVIE AND TV INDUSTRY
-Urges the State to continue financing the
New York City Comptroller William C. Thompson, Jr. today called on Governor Paterson to provide needed funding to the Empire State Tax Credit Program, an incentive program aimed to strengthen
In a letter to the Governor, which can be viewed at www.comptroller.nyc.gov, Thompson says the elimination of State funding will weaken the film production industry, which employs 30,000 people directly, and an estimated 70,000 indirectly in related fields.
"In recognition of this fact, last spring the State properly extended this tax credit through 2013. Unfortunately, the State has declined to provide sufficient funds to sustain this important program. Particularly, at this difficult economic time we simply can not afford to risk driving this important employment base out of our region," Thompson wrote.
Comptroller Thompson noted that in 2008, the first year the incentive program was instituted, the number of shooting days in
In addition, Thompson also explained the benefits of such a program to the City at a time of fiscal uncertainty.
"While it may seem counter-intuitive to increase funding for a tax credit during a fiscal crisis, this program has been successful in increasing employment and providing a boost to a host of local businesses - from caterers to costumers - that serve the film industry," Thompson said. "Furthermore, the television shows and movies that are shot here create free advertising for the attractions of our City and State."
Thompson warned of the possibility that
"We are all aware of our need to diversify our economy, which became perilously dependant on Wall Street in recent years.
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