New York extends film/TV tax break for one year

New York state has extended a 30 percent film and television production tax credit for one year, which the industry welcomed on Wednesday but said lacked the long-term certainty needed to attract business. As part of a $132 billion budget unveiled on Tuesday aiming to tackle a two-year $17.7 billion deficit, New York Governor David Paterson (D) and legislative leaders agreed to provide $350 million to extend the production tax break. The budget has been passed by the lower house Assembly and is likely to be voted on by the Senate later this week. The industry had been lobbying either for a multi-year extension or for the tax credit to be made permanent.