The Wolf of Albany

The Story

Photo: wdstock/iStock

New York’s richest giveaway is the annual $420 million state subsidy to the film and television industries. The program grants production companies a tax credit if they make their shows in New York, even when they would likely do so anyway. A new report shows, unsurprisingly, that this much-touted largesse yields no net benefit to New York.

The Facts You Need to Know

  1. Growth: Federal Reserve data show no employment growth in the film and TV industries despite billions of dollars in subsidies. Read more.

  2. Jobs: New York State routinely overstates job creation in the industry, double or triple counting individuals who work on two or three productions in a year. Read more.

  3. Location, location: The producers of The Wolf of Wall Street received $30 million in state tax credits to film in New York—where the story takes place. Read more.

“New York, in particular, had significant movie and TV industry employment even before the 2004 creation of the Empire State Film Production Credit.”

E.J. McMahon, Empire Center for Public Policy founder and research director

Twitter Take

The Past is Present

The Subsidy Show By Dennis Saffran (August 27, 2014)

“Colbert, Fallon and the crony capitalism of the creative class.”

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“New York’s top energy utility regulators admitted Thursday there’s a gas shortage — even as they slammed National Grid for imposing a moratorium and denying hook-ups to new customers because of supply problems.”