Coronavirus latest: New York launches $100m tax boost to revive theatre
New York state will offer a $100m tax credit to revitalise theatrical productions, a sector hard hit by the coronavirus pandemic and its related lockdowns.
The programme will further jump-start the entertainment industry and help to generate additional tourism activity in New York City.
Broadway and other entertainment venues were closed in March 2020 and re-openings are not scheduled until September.
Prior to the pandemic, Broadway theatres welcomed a collective audience of nearly 250,000 people each week, while the industry supported more than 90,000 local jobs and contributed over $14bn to the city’s economy in 2019.
“New York isn’t New York without the arts. Theatrical productions support thousands of jobs,” said Andrew Cuomo, New York’s state governor. “These tax credits will help to restart this quintessentially New York industry more quickly.”
The New York City Musical and Theatrical Production Tax Credit is a two-year programme that 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 per cent of qualified production expenditures. First-year programme applicants can receive up to $3m per production, with second year applications being eligible for up to $1.5m.
Highly profitable participating productions will contribute to a cultural access fund overseen by the New York State Council on the Arts.
“This unprecedented initiative will increase access to Broadway shows for New York State residents and create new career pathways in our industry,” said Charlotte St Martin, president of the Broadway League.
Broadway is expected to reopen fully from September. Audiences do not have to wear masks if they are vaccinated. Unvaccinated people would sit in their own special section.
If a cast or crew member tests positive, all production staff must spend 10 days in isolation.