NYC runs out of film tax credit cash

NEW YORK, July 1 (UPI) -- New York City officials say they are out of money to hand out in tax credits for film and television productions.

The city's program, which enabled film and television producers to claim a 5 percent tax credit on top of a 30 percent credit from the state of New York, has run dry of funds ahead of the July Fourth holiday, The Hollywood Reporter said Wednesday.

"New York City's 'Made in NY' tax credit for qualified film and television production -- the only one of its kind administered by a city in the United States -- has reached its full allocation of $192.5 million and funds are no longer available for new applications," the Mayor's Office of Film, Theatre and Broadcasting said in a statement.

John Johnston, executive director of the New York Production Alliance, said lawmakers need to institute a long-range plan to prevent any future disruption of tax credits, the Reporter said.

"Any disruption in the process is not good, especially as we ramp up to the typical TV season," Johnston said.