New York State extended the New York City Musical and Theatrical Production Tax Credit, a subsidy of up to $3 million per Broadway show, as the industry struggles with rising costs and subpar sales.
On May 3, Gov. Kathy Hochul announced the two-year extension through 2025 and said commercial Off-Broadway shows will also be eligible, albeit for a smaller credit. The Broadway League trade association lobbied for preserving the program. It was designed to jumpstart the industry, which contributes billions to the economy, and encourage productions “to begin performances sooner and come back stronger” as the city recovered from Covid-19.Continue Reading