New York residents have been financially supporting local entertainment through substantial tax contributions to television and film productions since 2017, averaging $16 per household for shows like Billions. An estimated $5.5 billion has been channeled into production incentives. As the state budget approaches, Governor Kathy Hochul aims to introduce $100 million more in credits for independent productions, raising the total to $800 million. This has sparked discussions about whether these investments substantively benefit the economy or result in minimal returns for taxpayers, in light of competition from other states for Hollywood productions.
New York households have contributed on average $16 towards the series Billions, alongside other notable investments in local productions, totaling over $5.5 billion since 2017.
Governor Kathy Hochul's proposal to escalate film subsidies to $800 million annually raises concerns about whether the economic benefits exceed the state's investments in the entertainment sector.
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