Governor Andrew M. Cuomo Announces $100 Million Musical & Theatrical Production Tax Credit
Governor Andrew M. Cuomo has announced the launch of the new $100 million New York City Musical and Theatrical Production Tax Credit designed to help revitalize the theater industry. This program aims to jump-start the entertainment industry and help to generate additional tourism activity in New York City.
The program will offset some of the costs associated with producing a show, including production costs for sets, costumes, wardrobes, makeup, technical support, salaries, sound, lighting and staging. Eligible companies can receive tax credits of 25 percent of qualified production expenditures. First-year program applicants can receive up to $3 million per production, with second-year applications being eligible for up to $1.5 million. All program participants will be required to take part in a New York State diversity and arts job training program and expand opportunities for low-income New Yorkers to access productions at low or no-cost. To continue supporting the arts, highly profitable participating productions will increase access to art and cultural programs by contributing to a cultural access fund overseen by the New York State Council on the Arts.
“New York is not ‘New York’ without theater, but for more than a year and a half, visitors and residents were unable to enjoy the unparalleled experience of a live stage performance,” Governor 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.”
Prior to the pandemic, Broadway theaters welcomed a collective audience of nearly 250,000 people each week, while the industry supported more than 90,000 local jobs and contributed over $14 billion to the New York City economy annually. Over 35 productions have announced opening performance plans for this year.
“Governor Cuomo’s support of Broadway during the pandemic has been vital to the industry’s survival. His announcement comes at a perfect moment for New York,” Broadway League President Charlotte St. Martin said in a statement. “This unprecedented initiative will increase access to Broadway shows for New York State residents and create new career pathways in our industry. We’re gratified for the Governor’s enthusiastic support of Broadway and investment in the industry’s workforce, which are so vital to the economic and cultural health of New York State.”
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