As first reported by Broadway Journal,\u00a0New York Governor Kathy Hochul\u00a0proposed allocating an additional $150 million to retroactively extend a New York State theater tax credit program.<\/p>\n
The briefing book\u00a0states<\/a>: “To maintain support for musical and theatrical productions in New York City, the Executive Budget increases the aggregate amount available under the\u00a0program by $150 million for productions with initial performances on or after December 1, 2025.<\/p>\n If the state legislature approves the extension, it could help shows including as All Out: Comedy About Ambition, which began performances in December, Every Brilliant Thing, starring Daniel Radcliffe<\/a>, which will begin performances in February, and Giant, starring John Lithgow<\/a>, which will begin performances in March.\u00a0<\/p>\n The New York City Musical and Theatrical Production Tax Credit, launched in 2021 with a $400 million cap.\u00a0The tax incentive was created to revive New York\u2019s live entertainment sector in the wake of the COVID-19 shutdown, which left theaters dark for over a year.<\/p>\n The tax credit deadline has continually been\u00a0extended<\/a>.\u00a0New York State\u00a0extended the deadline<\/a>\u00a0in September 2025 for the Tax Credit. The cutoff was previously in September, and was extended to October of 2025.\u00a0Read BroadwayWorld’s recent update on the Broadway Tax Credit HERE<\/a>.<\/p>\n ]]><\/p>\n