ALBANY – Taxpayer Investment in New York’s Film Industry
This year, New York taxpayers seem set to invest around $1 billion in luxury subsidies aimed at television and film productions.
Notable shows like *Saturday Night Live* and *FBI Most Wanted* gathered tax credits of roughly $21 million each in just the first three months of 2025.
According to Renvent, that averages about $65,000 for each job generated by these quarterly productions.
Critics have voiced their concerns. “The governor and legislature are squandering taxpayer money on a trickle-down economic scheme that’s been discredited, all in exchange for significant political favors from the Film Association, corporate members, unions, and aggressive lobbyists in Albany,” the group asserted on Monday.
New York reportedly recoups only about 30 cents for every dollar allocated to film tax credits, as detailed in recent research commissioned by the state.
The Film Association, a key lobbying entity for this program, chose not to comment on Renvent’s recent report. However, it has consistently defended these tax incentives as essential for creating and sustaining union jobs within the state.
“There are billions of dollars worth not accounted for,” said Brian O’Leary, the group’s tax advisor, while addressing state senators last year.
Despite heated pushback from some legislators, Congress and the governor moved ahead with a two-year extension of the existing film tax credits, totaling $1.4 billion, as part of this year’s state budget agreement. An additional 12-year, $1.2 billion tax credit for independent films and shows was also approved.
Here’s a look at the top 10 beneficiaries of the state’s film tax credits for the first quarter of 2025, along with the funds they received and the number of full-time equivalent positions they generated:
- *Saturday Night Live*, $21.2 million, 254 jobs
- *FBI Most Wanted* (Season 2), $21 million, 290 jobs
- *Dead Ringer*, $20 million, 315 jobs
- *Powerbook II: Ghost*, $20 million, 275 jobs
- *Watcher*, $16.2 million, 254 jobs
- *Dr. Death*, $15.7 million, 207 jobs
- *Put the Right Thing*, $15.5 million, 202 jobs
- *FBI Most Wanted* (Season 1), $15.2 million, 249 jobs
- *Katie Keene*, $12.6 million, 199 jobs
- *Murders in the Building*, $12.3 million, 192 jobs
Critics, including Renvent, continue to assail the taxpayer-funded grants.
State Senator Ed La expressed his discontent on social media, questioning the value of giving *Saturday Night Live* a $220 million incentive to remain in New York. “Will they actually leave?” he pondered.
State Senator James Scorfis added, “Economic development investments should be based on solid evidence, not just nice stories or catchy headlines.” He pointed out that the federal government has already created a significant financial gap in the state budget.
Governor Kathy Hochul, however, stands firm in her support for these expenditures regarding New York’s financial landscape.
While Hochul’s office opted not to comment on this recent criticism, the Empire State Development agency, which manages the program, defended it and rejected Renvent’s calculations.
The agency remarked, “Renvent’s math is less credible than pineapple on pizza.” They highlighted that New York has reportedly generated 700% revenue from industry investments surpassing $1.1 billion within the last quarter, which they argue translates into thousands of job opportunities for New Yorkers. The ESD maintains that the production credit program is both reasonable and necessary to compete effectively with other states eager to attract local film production.
