NEW YORK CITY MUSICAL AND THEATRICAL PRODUCTION TAX CREDIT
New York State’s $100M Tax Credit is a 2-year program to boost the entertainment industry and tourism
- The Program offsets costs for producing a show after the COVID-19 pandemic
- Shows can receive tax credits of 25% of qualified production expenditures: 1st time shows during the first program year can receive up to $3M per production Productions must occur in a qualified production facility in New York City
- Shows must implement a New York State-approved diversity and arts jobs training plan and increase access to productions for low-income residents.
- Successful productions (revenues 2x production costs after tax credit) are required to contribute to the NYS Council for The Arts Cultural Program Fund, up to 50% of the tax credit.
- Credits available for tax years from January 1, 2021 but before January 1, 2024.