New York Film Subsidy Hits $800 Million After 14% Increase

The New York legislature has approved a bill to increase its annual film tax incentive package by 14% to $800 million — a move that comes days after President Trump said he was considering stiff tariffs on foreign films to help save a “dying” movie industry.

Gov. Kathy Hochul signed the bill on Friday. It raises the film subsidy from $700 million, which has been the annual allotment since 2023, and includes $100 million designated specifically for independent flicks. To qualify, indie films cannot have more than half of its financial backing stem from publicly traded entertainment companies.

Motion Picture Association president Charles Rivkin thanked Gov. Hochul and praised the deal on Friday.

“The enhanced and extended film incentive program will further cement New York as a leader in the entertainment and creative sectors,” he said in a statement. “As the outpouring of support from across the state has made clear, New York crews, creatives and small businesses are applauding leaders in Albany today.”

New York’s increased film budget also comes as executives and lawmakers from Hollywood to Washington, D.C., have said they want to boost American film production. Notably, on-location shooting in Los Angeles County dropped 22% year-over-year in the first quarter of 2025. 

Last Sunday, President Trump said he was thinking about putting a 100% tariff on “any and all” films made outside the United States, in an effort to spur more American production. On Monday, the White House walked that back a bit, saying “no final decisions” have been made.

The post New York Film Subsidy Hits $800 Million After 14% Increase appeared first on TheWrap.