New York Taxpayers on Track to Invest Nearly $1 Billion in Film Subsidies
ALBANY – New York taxpayers are set to contribute nearly a billion dollars in generous subsidies for film and television productions this year in a bid to retain them within the state.
Popular shows like "Saturday Night Live" and "FBI Most Wanted" utilized approximately $21 million each in tax credits during the first quarter of 2025. This contributed to an astounding total of $230 million that New York allocated to the entertainment sector during the same timeframe, as reported by the good-government organization Reinvent Albany.
According to the report, this translates to roughly $65,000 for each job generated by these productions within the quarter.
In a statement released on Monday, Reinvent Albany criticized the spending, arguing, “The Governor and Legislature are content to squander vast amounts of taxpayer funds on a thoroughly discredited trickle-down economic strategy, driven by the significant political incentives offered by the Motion Picture Association and their associates."
The state recoups only about 30 cents for every dollar invested in the film tax credit, based on a state-commissioned study released last year.
The Motion Picture Association, the leading lobbying entity behind the program, declined to comment on Reinvent’s findings. Historically, the group has defended the tax incentives, citing their role in generating and preserving union jobs in the state.
“There are billions of dollars of value that were not factored into the state’s report, which would present a fuller economic narrative for this industry,” stated tax counsel Brian O’Leary during a panel discussion with state senators last year.
Despite pushback from several lawmakers, the legislature and the governor extended the existing film tax credit by $1.4 billion over two years as part of this year’s budget agreement. Additionally, a new 12-year, $1.2 billion tax credit for independent films and shows was introduced.
Below are the top ten recipients of film tax credits in New York for the first quarter of 2025, detailing the credits received and the number of full-time equivalent jobs created:
- “Saturday Night Live,” $21.2 million, 254 jobs
- “FBI Most Wanted” (Season 2), $21 million, 290 jobs
- “Dead Ringers,” $20.8 million, 315 jobs
- “Power Book II: Ghost,” $20 million, 275 jobs
- “The Watcher,” $16.2 million, 254 jobs
- “Dr. Death,” $15.7 million, 207 jobs
- “Let The Right One In,” $15.5 million, 202 jobs
- “FBI Most Wanted” (Season 1), $15.2 million, 249 jobs
- “Katy Keene,” $12.6 million, 199 jobs
- “Only Murders in the Building,” $12.3 million, 192 jobs
Critics have echoed Reinvent’s concerns about these taxpayer-funded subsidies.
Assemblyman Ed Ra (R-Nassau) remarked, “What benefit are New York taxpayers receiving from granting $21 million in subsidies to ‘Saturday Night Live,’ when it would remain in New York, starting each show with ‘Live from New York, it’s Saturday Night!’? Are they planning to relocate?”
State Senator James Skoufis (D-Orange) stated, "The state must focus on economic development investments based on concrete data rather than emotional appeals or eye-catching headlines. With the federal government creating a $10 billion deficit in our state budget, it would be prudent to find savings by eliminating this ineffective and costly film tax credit."
In response to criticism, Governor Kathy Hochul has maintained her support for the state’s significant funding in this area.
Although Hochul’s office did not provide further comment, Empire State Development, the agency overseeing the program, defended it, asserting that Reinvent’s calculations were inaccurate.
“Reinvent Albany’s numbers are as misguided as pineapple on pizza,” the agency claimed in a statement. “New York achieves a 700% return on its investment from the industry—over $1.1 billion in just the last quarter alone—resulting in tens of thousands of jobs for New Yorkers. The production credit program is effective, judicious, and keeps New York competitive as other states strive to replicate our success in attracting and boosting local film production.”
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