Bill > S05256

This bill extends and modifies the New York City Musical and Theatrical Production Tax Credit program, which provides financial incentives for theatrical productions in the city. The key changes include extending the program's eligibility period from January 1, 2026, to January 1, 2031, and increasing the total available tax credits from $300 million to $800 million. The bill also adjusts the definition of a "level one qualified New York city production facility" by expanding the geographical boundaries in Manhattan and modifies the credit calculation rules. Specifically, if a production moves from a level two to a level one production facility, any previously approved credit for the level two facility will reduce the level one credit amount. Productions are now required to participate in a state diversity and arts job training program, create a plan to make performances accessible to low-income New Yorkers, and potentially contribute up to 50% of their total tax credits back to the New York State Council on the Arts Cultural Program Fund if their production generates significant ongoing revenue. Productions in level one facilities will have a specific contribution structure, with up to $500,000 in aggregate contributions based on performance weeks. These changes aim to support the theatrical arts industry in New York City while ensuring community engagement and financial sustainability.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S5256