Production boost: Cuomo announces $100 million state tax credit to help NYC musical theatre productions |
Production boost: Cuomo announces $100 million state tax credit to help NYC musical theatre productions
New York City musical and theatre productions will be able to get up to $4.5 million in tax credits under a new state program, Governor Andrew Cuomo announced Thursday, July 22.
The New York City Musical and Theatrical Production Tax Credit will boost companies recovering from the pandemic by offering $100 million that qualifying organizations can wipe off their tax bills.
“New York is not ‘New York’ without theatre, but for more than a year and a half visitors and residents were unable to enjoy the unparalleled experience of a live stage performance,” Cuomo said in a statement. “Theatrical productions support thousands of jobs and showcase performances and artists that reflect our state’s great talent and diversity. With the state’s coronavirus restrictions lifted, these tax credits will help to restart this quintessentially New York industry more quickly.”
The two-year program through the state’s Empire State Development arm allows eligible companies to get tax credits for 25% of some of their expenditures, such as sets, costumes, …
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