"I'm going to shoot this picture just for the tax benefits," Brooks said Tuesday at a New York press conference with Gov. George Pataki and Mayor Michael Bloomberg, the New York Post reported Wednesday.
Brooks, a Brooklyn native, filmed the original 1968 movie "The Producers" in New York.
"You don't know what it means to me emotionally to be back here," the veteran producer said.
The bill, signed by Pataki, grants a 10 percent state tax credit for productions filming 75 percent of its work in New York, with the city adding another 5 percent.
"Right now, we're going to be able to make movies about New York in New York," Pataki said.
The state's $5 billion film and TV industry has been negatively affected by productions shooting in Canada because of a favorable exchange rate and cheaper labor costs.