Taggart is the most powerful female character in any of Rand's books, and someone that Jolie was apparently eager to portray. During one of the many times the film was going to be made in the past, Faye Dunaway was brought up to play this lead.
The time in which the novel takes place is kept deliberately vague. However at one point the population of New York City is given as 7 million, a figure reached in the 1930s. Rand herself moved to the city in 1951, stating, "I love New York. It is a city, and I suppose that I am one of those decadent products of civilization that do not feel at home outside of a big city."
No word on when filming will start, or if any of it will be filmed in New York.