By Richard Verrier
4:40 PM CST, January 22, 2013
New York Gov. Andrew Cuomo wants a five-year sequel to the state's popular film and television tax credit program.
As part of a budget unveiled Tuesday, Cuomo proposed extending New York's $420-million annual tax credit program five more years.
The budget also proposes reducing restrictions on claiming the state's post-production portion of the credit and additional reporting to "document the effectiveness of the credit in creating jobs," according to a statement from the governor's office.
The development is a setback for California's film industry, which has been reeling from a loss of big studio movies and, more recently, one-hour television dramas to New York and other states that offer more lucrative tax breaks to filmmakers.
California lawmakers last year approved a two-year extension of California's film program, which allocates $100 million a year -- less than a quarter of New York's subsidy. The credit has drawn record levels of television production to New York.ALSO: