Jimmy Fallon’s Show Gets Big Tax Break from NYS
The Hudson Valley’s own Jimmy Fallon brought the Tonight Show back to New York and the state has returned the favor with a huge tax break.
New York State has become very friendly to the production of film and TV shows in our state and why not? As I like to say, if you ain’t in New York – you’re camping out. We have some of the most highly trained TV and Film people in the world and these productions translate into revenue for the state.
The Poughkeepsie Journal reports that Saugerties native Jimmy Fallon and his Tonight Show are getting a big tax break from the state. Bringing the show back to New York was a big deal and it’s not cheap to produce the show.
The state reimbursed the first season of the show in 2014 for 30 percent of its qualified production costs, which were nearly $70 million.
Fallon’s Tonight Show hired around 1,900 people and the Poughkeepsie Journal says it payed close to $12 million in wages for production people. The tax breaks are only for the cost of producing shows and not for on air personalities like Fallon.
Of course some are opposed to New York State giving back millions to the entertainment business. The argument is that we shouldn’t be lining the pockets of companies that already make hundreds of millions. Those tax breaks should go to the average, hard working New York State resident. That is not how business works. You have to spend money to make money.
The Tonight Show employs thousands and makes enough money that their tax bill is still pretty substantial. However, I must be honest and say that Jimmy’s show should get the mega tax break just because he mentioned me on his show! In my mind the Tonight Show tax break should be 100 percent.
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