A New York prop rental company, Props for Today, appears to be the latest casualty of the loss of the state’s filming tax incentive program. While the tax mess isn’t the sole reason for the company’s impending Chapter 11 filing, it was the last straw. “The decrease of film making and television in New York, which began with the writers’ strike and has continued and been escalated by the loss of the tax incentives, has impacted everybody in this industry,” company owner Dyann Klein told Crain’s New York Business.
Ms. Klein hopes that filing for bankruptcy will help save the company. “I believe I will be able to implement necessary changes in reorganization in Chapter 11 and emerge as a much stronger, healthy company that will continue to be the leader in prop rentals in the industry for years to come.”
Originally posted on Filming In Brooklyn
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2 responses so far ↓
1 Nathan // Mar 6, 2009 at 12:34 pm
While I won’t discount the effects the Tax Credit loss might have had on Props for Today, I doubt it was a very large final straw for them. After all, they were able to weather the death of the business in the early 90′s (Hollywood boycott of NY and productions running to Canada). That lasted about 3 years before it turned around. Also, as far as I know, production of commercials hasn’t been effected by this (I don’t think they get any kind of credit), and that niche should make up a substantial part of P.F.T.’s business (assuming they’re competitive).
I’m also hearing some (fairly) reliable rumors that the Governor is planning to sign some version of a budget that will save the Tax Credit (although the percentage may be decreased).
2 In Treatment talks about going back to Cali // Mar 9, 2009 at 6:22 am
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