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Governor Hochul Announces FY 2024 Budget Investments to Grow Jobs and Drive Economic Growth Across New York State

Extends and Enhances Tax Credits to Support New York's Film, Television, and Performing Arts Sectors

Establishes Technology Innovation Matching Grant Program to Spur Scientific Research, Innovation and Development

Revives New York City Biotech Tax Credit to Build on Governor's Commitment to Growing Life Sciences Sector

Governor Kathy Hochul today announced transformative investments to support New York's business community and boost the state economy as part of the historic FY 2024 Budget. The Budget raises the New York State Film Tax Credit annual cap to $700 million, establishes the new Technology Innovation Matching Grant Program, and revives the New York City Biotech Tax Credit, among other measures, to drive economic growth across New York State and create good jobs.

"The transformative investments secured in this year's budget will help our state continue to attract innovative businesses, open pathways toward jobs and careers of the future, and better support working families to drive the economy forward," Governor Hochul said. "These key initiatives to boost high-growth sectors, grow and retain jobs in film and the performing arts and build a 21st century workforce will accelerate New York's post-pandemic recovery and solidify our standing as the most worker-friendly and business-friendly state in the nation."

Read the full press release here.