Bill > A06607

This bill extends and modifies the New York City Musical and Theatrical Production Tax Credit program, primarily by extending its effectiveness from 2026 to 2031. The bill increases the aggregate tax credit amount from $300 million to $800 million and makes several key changes to the existing tax credit program. It expands the definition of a "level one qualified New York city production facility" by adjusting the geographic boundaries in Manhattan and modifying the credit period for productions. The bill allows for more flexibility when productions move between level two and level one production facilities, ensuring that previous credit approvals are not lost. Additionally, it introduces new requirements for qualifying productions, such as participating in a diversity and arts job training program, creating plans for accessibility to low-income New Yorkers, and potentially contributing to the New York State Council on the Arts Cultural Program Fund based on the production's ongoing revenue. The tax credit remains available for taxable years beginning on or after January 1, 2021, but before January 1, 2031, with specific provisions for application deadlines and credit allocation by the Department of Economic Development.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A6607