NYC offers tax breaks to film producers

NEW YORK, Jan. 4 (UPI) -- New York will give television and film producers a 5 percent tax break if they shoot in the city, the New York Post reported Tuesday.

The new credit comes on top of a 10 percent discount already offered by the state.

To qualify for the city's tax break film studios or companies must shoot at least 75 percent of their production in the municipality.

The city expects to offer as much as $12.5 million in such tax credits annually in a bid to halt productions from moving to cheaper places, such as Canada.