New York Times:
A study of New York’s tax breaks for movie and television production suggested that a 30 percent credit offered by the state, with an additional 5 percent offered by New York City, could be expected to keep or create about 19,500 jobs while yielding $404 million in tax revenue, at a cost of $215 million in credits. The study, completed last week, was conducted by the accounting firm Ernst & Young for both the Motion Picture Association of America and the film office of New York State.
Applying the new 30 percent subsidy rate and current tax rates to the level of activity that occurred in 2007, Ernst & Young figured that the state would have spent $184.4 million, while getting $208.7 million back in taxes. New York City, meanwhile, would get $195.3 million from a tax credit expenditure of only $30.7 million. Ernst & Young said it figured about 7,000 jobs were gained or retained in direct film employment, while an additional 12,500 came from related economic activity, not counting any increase in tourism spending.