Bill > S2441

This bill establishes a live theater tax credit program to encourage job creation, workforce development, and infrastructure investment within Massachusetts' live theater industry. It allows eligible live theater companies to receive tax credits based on their "production and performance expenditures," which include payroll for Massachusetts residents, advertising, and transportation costs, for specific types of productions like "Pre-Broadway" shows (productions intended for Broadway within 12 months), "Pre-Off Broadway" shows (productions intended for Off-Broadway within 12 months), "Broadway Tour Launches" (tours originating in Massachusetts after a Broadway run), and "World Premieres" (original works never commercially presented before). The program, administered by the Massachusetts Office of Travel and Tourism (the "Office") and the Commissioner of Revenue, offers a credit of 35% on payroll and 25% on other eligible expenditures, with a minimum production budget of $100,000. There's an annual cap of $5 million in total credits issued, and credits can be carried forward for five years. Companies can also transfer or sell unused credits, and a portion of the received credits must be deposited into the Massachusetts Cultural Council Facilities Fund to support workforce development. The bill also outlines an application process for initial and final certification of eligible productions and sets an expiration date for new credit issuance after January 1, 2022, unless initial certification was obtained before then.