New York lawmakers vote to offer tax breaks to theatre producers, making state 4th in nation
NEW YORK, N.Y. – New York state lawmakers have voted to help the theatre industry by dangling tax incentives for investors who originate live productions in New York, making the state the fourth in the nation to give breaks to plays and musicals.
A program offering a 25 per cent tax credit to producers who ready their shows in New York’s facilities was included in the $140 billion election-year budget that passed the Legislature on Monday.
New York now follows Rhode Island, Illinois and Louisiana. It becomes effective for the tax year beginning Jan. 1, 2015.
The tax incentives have helped in other locations, most notably in Chicago where the Broadway-bound shows “Kinky Boots” and “Big Fish” took advantage of a tax credit worth up to $500,000 per production.
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