New York state to give at least $16 million to CBS to keep 'Late Show' with Colbert in NYC

Stephen Colbert, David Letterman

In this May 3, 2012 photo provided by CBS, Stephen Colbert, left, host of the "Colbert Report" on the Comedy Central Network, has a laugh on stage with host David Letterman on the set of the "Late Show with David Letterman," in New York.

(John Paul Filo)

UPDATE: The "Late Show" will not qualify for the film tax credit because it only applies to talk shows that relocate to NY, according to a spokesman for Gov. Andrew Cuomo.

ALBANY, N.Y. - New York state will give at least $16 million in taxpayer money to CBS Corporation to keep the "Late Show" with Stephen Colbert at the Ed Sullivan Theatre in New York, Gov. Andrew Cuomo announced Wednesday.

CBS promised to employ 200 people in New York.

At least $11 million over five years comes from the Excelsior tax break program - a pot of money designed for high-tech, bio-tech, clean-tech and manufacturing, according to the definition on Empire State Development's website.

Empire State Development would make available another $5 million grant, the press release said. The release did not specify the source of that grant.

Television talk shows are also eligible for lucrative tax breaks through New York's film tax credit program. Cuomo's announcement Wednesday highlighted the benefits of that program, but did not say how much CBS could claim in tax credits.

When the state expanded the film tax credit in 2013, lawmakers included a provision that requires disclosure of tax credit dollar amounts. But no dollar amounts have been released so far.

The state gives away $420 million a year to film and television producers. Productions in New York City qualify for a credit of 30 cents for every $1 spent.

A Post-Standard series in March 2013 showed most of the tax breaks went to popular television shows like "Saturday Night Live" that likely would have been filmed in the state anyway.

Last year, the state expanded the law to include television talk shows in an effort to bring NBC's "The Tonight Show" to New York. It was nicknamed the "Jimmy Fallon tax credit."

In April, Cuomo issued a press release that said he would personally call CBS President and CEO Leslie Moonves to urge him to keep the show in New York.

CBS contributes to Cuomo's campaign and gives heavily to the New York Democratic Party's housekeeping committee, which can accept unlimited donations. For example, CBS Corporation gave $50,000 to the state party in March 2013, when the law was expanded, records show.

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