New York City’s musical and theater scene seems to keep its revival and recovery from struggling the pandemic shutdown under more solid circumstances as a result of renewal of the New York City Musical and Theatrical Production Tax Credit program. It was first introduced as a two-year program in 2021 in order to support Broadway productions to reopen, and now two years later, early May 2023, Governor Kathy Hochul announced a two-year extension of the program along with additional updates that would include individual productions other than Broadway.
As part of the historic FY 2024 Budget, tax credit will be extended through 2027 and the amount of a subsidy will be up to $3 million per Broadway show. The program will also establish a $350,000 maximum credit amount for each “qualified New York city musical and theatrical production in a level two qualified New York city production facility.” By ‘level two qualified New York city production facilities’, live theatrical productions in Manhattan, containing one hundred seats or more along with at least one stage and additional necessary amenities for theatrical productions, are referred.
In other words, with the additional updates, Off-Broadway productions will be made eligible for the credit program whose overall cap will be raised to $300 million which corresponds to a $100 million increase in funding of 2021’s program. The original application deadline that was set for June 30, 2023 is replaced with the date June 30, 2025, as well.
The governor expressed that such investments secured in this year’s budget would help the 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.
“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,” Hochul added.
According to Broadway News, earlier this year, Broadway League president Charlotte St. Martin stated that renewing this program was a priority.
The $300 million New York City Musical and Theatrical Production Tax Credit program, mainly designed to jump-start the entertainment industry and support tourism in New York City, is reportedly allocated funding for five years and companies can receive credits for tax years beginning on or after January 1, 2021 but before January 1, 2026. Initial applications must be submitted prior to the first public performance and before June 30, 2025 and final project summaries no later than 90 days after the credit period end date.
Companies applying for the credit are also expected to implement a New York State-approved diversity and arts jobs training plan and take actions to increase access to productions for low-income residents.
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Last Updated on May 30, 2023