Bill > S2439

This bill establishes a live theater tax credit program to encourage job creation, workforce development, and infrastructure investment within Massachusetts' live theater industry. The program offers tax credits to eligible live theater companies that produce or launch pre-Broadway shows, pre-off-Broadway shows, Broadway tours, or World Premieres in qualified Massachusetts production facilities. The tax credit is calculated as 35% of payroll expenditures and 25% of other production and performance expenditures, including transportation and advertising, with a minimum production budget of $100,000. There's an annual cap of $5 million for these credits, and they can be carried forward for up to five years. The bill also allows for the transfer or sale of these tax credits to other entities, with specific rules for their use and reporting. A portion of the received tax credits must be deposited into the Massachusetts Cultural Council Facilities Fund to support workforce development and industry sustainability. The Massachusetts Office of Travel and Tourism (MOTT) is responsible for certifying eligible productions, working in conjunction with the Commissioner of Revenue. The program is set to expire on January 1, 2022, unless a production received initial certification before that date.