Cash-strapped New York State is anteing up US$2.1 billion to get back into the film tax-credit game.

Buried in the Empire State’s 2010/11 budget unveiled Tuesday is US$420 million per year earmarked for film and TV production tax credits through 2014.

The proposed new money follows the state’s 2008 tripling of its film tax credit to a 30% break on below-the-line costs — to woo projects like Ugly Betty and 30 Rock — only to see a previous $690 million commitment quickly drained by early 2009.

That sent a host of U.S. film and TV projects like the Fox paranormal series Fringe to Canada and rival U.S. states.

Nervous New York legislators, facing big budget holes in hard times, imposed a new set of conditions ‘to enhance the economic impact of this program’ as they shell out more money for Hollywood.

The measures include forcing tax-break applicants to complete at least 10% of shooting days at a qualified New York facility, and make at least 75% of post-production expenditures in the state.

To yield maximum tax receipts from local film and TV shooting, New York number crunchers will also compel producers to purchase goods and services from registered sales tax vendors to qualify for tax breaks.

And movies and TV shows shot locally must include an end-credit acknowledging state financial support or provide a short video to promote New York as part of film or DVD releases in a market outside the state.

The New York state legislature must approve the 2010/11 budget by April 1 to enact the new film tax-credit program.

The New York Production Alliance, representing local film and TV producers, plans a Feb. 9 lobby day in Albany to promote passage.

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