'CHESS,' 'QUEEN OF VERSAILLES' GET TAX CREDIT REPRIEVE
EXCLUSIVE: The Broadway League delivered welcome news to its members today: New York State found the funds to extend a valuable tax credit by five weeks, with another extension possible.
Empire State Development will accept applications for the New York City Musical and Theatrical Production Tax Credit for shows having their first paid performance by Oct. 20, 2025, according to the state. The previous deadline for the first performance was this Monday, Sept. 15.
The extension means that the upcoming Broadway plays Liberation and Little Bear Ridge Road and the musicals Chess and The Queen of Versailles will now be eligible for the credit, which subsidizes 25 percent of most production costs and is worth a maximum $3 million per Broadway show and $350,000 off-Broadway. The starry revivals of Art, which is in previews, and Waiting for Godot, which is scheduled to begin previews tomorrow, Sept. 13, were already eligible.
The credit “continues to be vital to the funding of Broadway productions,” League President Jason Laks said in a statement in July, when news broke that the program's funds had been depleted. Shubert Organization President Jeff Daniel, the government subsidy guru of the League -- the trade association of theater owners and producers -- wrote in an email to members today: "This new date takes into account current projections and ensures that all eligible applications can receive their expected credit. Additionally, ESD [Empire State Development] will continue to monitor the availability of funds and may extend the period further if funds allow."
Introduced in 2021 to help Broadway recover from the pandemic, the credit has been an incentive to invest in an industry grappling with inflated costs and, with notable exceptions, daunting losses. The credit can take months off a production’s path to recoupment, or offer some financial recovery on flops that otherwise would result in total loss of capital.
The program is technically to expire on Sept. 30, 2027. Laks has told members and reporters that the League will lobby the state to fund the program going forward as well as retroactively, so that all eligible shows this season could ultimately get the credit.
An ESD spokeswoman wasn't immediately available for comment. A League spokesman declined to comment.
Queen of Versailles is Stephen Schwartz's first new Broadway musical since the composer-lyricist's 2003 blockbuster Wicked. Samuel D. Hunter's Little Bear Ridge Road, starring Laurie Metcalf, is Scott Rudin's first Broadway production since Rudin left the industry following extensive stories about his bullying of staff. Chess is Lea Michele's first Broadway show since she proved herself to be a major Broadway star in Funny Girl. Bess Wohl's Liberation is an acclaimed drama about feminism and identity that's transferring from the nonprofit Roundabout Theatre Co., which presented it off-Broadway.
The Show Must Go On ( or does it?) Steve Viuker
There it is. On the New York Times site:‘The Queen of Versailles’ Bombed on Broadway. What Went Wrong? The Great White has many issues from my vantage point in the balcony.
Broadway shows closing after a short run is not unusual However, a show with the star power of Kristin Chenoweth closing after 2 weeks is not the norm.
As long-time theatre goers, my wife and I recall seeing The Producerswith Nathan Lane and Mathew Broaderick for $40. Perhaps The Producers should make a return or maybe it has with some of the financial shenanigans I read about.
But the Great White has many issues from my vantage point in the balcony.
Broadway is doing great if you're Hamilton, if not, it's good night and good luck Shows such as Cabaret, Gypsy and Little Bear Ridge Road all closed earlier than expected. And musicals are singing a sour note. According to the New York Times,"the recent $19.5 million revival of “Gypsy” that starred Audra McDonald and earned strong reviews closed last month without recouping its investment."
And perhaps this is minor. Never has a Broadway show offered my wife and Ia complimentary drink for attending or ever emailed a customer survey regarding a show we took a chance on, We are talking 3--4 shows a year for maybe 40 years. That is a lot of "Dough Ray Me"
Sports teams always email a survey after an event.And City Center offers discounts to upcoming shows. Broadway?? We don't exist.