2017_CamoinAssociates_FilmTaxCreditReport.pdf - Economic Impact of the Film Industry in New York State 2015 2016 Prepared for Empire State Development 1

2017_CamoinAssociates_FilmTaxCreditReport.pdf - Economic...

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1 Economic Impact of the Film Industry in New York State - 2015 & 2016 Prepared for: Empire State Development
Economic & Fiscal Impact Analysis of New York State Film Tax Credit Programs | January 2017 Camoin Associates has provided economic development consulting services to municipalities, economic development agencies, and private enterprises since 1999. Through the services offered, Camoin Associates has had the opportunity to serve EDOs and local and state governments from Maine to California; corporations and organizations that include Lowe’s Home Improvement, FedEx, Volvo (Nova Bus), and the New York Islanders; as well as private developers proposing projects in excess of $600 million. Our reputation for detailed, place- specific, and accurate analysis has led to projects in 29 states and garnered attention from national media outlets including Marketplace (NPR), Forbes Magazine , and The Wall Street Journal . Additionally, our marketing strategies have helped our clients gain both national and local media coverage for their projects in order to build public support and leverage additional funding. We are based in Saratoga Springs, NY, with regional offi ces in Portland, ME; Boston, MA; Richmond, VA; and Brattleboro, VT. To learn more about our experience and projects in all of our service lines, please visit us online at camoinassociates.com . You can also fi nd us on Twitter ( @CamoinAssociate ) and on Facebook. About Camoin i Cover photo: HBO/Cinemax’s The Knick : Michael Angarano, Juliet Rylance, Steven Soderbergh, Greg Jacobs. Photo: Mary Cybulski
Economic & Fiscal Impact Analysis of New York State Film Tax Credit Programs | January 2017 01 Executive Summary 04 Introduction 04 Background 05 Literature Review 06 Data Analysis 07 Interview Findings 09 Economic Impact of the Film Industry 20 Fiscal Impact of the Film Industry 24 Attachment A: What is an Economic Impact Analysis? 25 Attachment B: References 27 Attachment C: Additional Research Table of Contents ii
Economic & Fiscal Impact Analysis of New York State Film Tax Credit Programs | January 2017 iii EARNINGS TOTAL: $4,222,769,745 DIRECT INDIRECT $2,001,312,675 $2,221,457,070 SPENDING TOTAL: $12,586,290,898 DIRECT INDIRECT $6,543,232,139 $6,043,058,760 Total Impact on New York State (2015 & 2016) S o urc e: Em p i r e S t a t e De ve l o p m e n t , E M S I, C amo i n A s s o c i a t e s JOBS 70,812 34,209 DIRECT INDIRECT 36,603 TOTAL:
Economic & Fiscal Impact Analysis of New York State Film Tax Credit Programs | January 2017 1 Executive Summary Introduction Empire State Development (ESD) administers the New York State Film Tax Credit Program, a program fi rst established in 2004 and designed to increase the fi lm and television production and post-production industry presence in New York State, and to provide an overall positive impact to the State’s economy. The Program provides tax credit incentives to qualifi ed production companies that produce feature fi lms, television series, television pilots and films for television, and/or incur post-production costs associated with these productions to support the growth of the film industry in New York State. As part of the law that extended the program in 2013, ESD is required to

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