Story by Larry Murray
When it comes to commercial theatre, the Broadway League is the organization to watch. As the national trade association of the commercial theatre industry, it often has surprises to announce. The latest – and this is no April Fool – is that New York is now the fourth jurisdiction in America to offer financial incentives to investors who originate live productions within New York State. The new program will be effective for tax year commencing January 1, 2015. Included in the budget for Fiscal Year 2014–2015 is a program offering a 25% tax credit to producers who tech their shows in New York’s facilities.
Nearby theatres in Albany, Schenectady and Rochester were included, as are those in Elmira, Binghamton and Syracuse. This is not a new idea – Illinois, Rhode Island and Louisiana already offer tax incentives. The four major Berkshire theater companies have long been sending shows to New York City, to play both on and off Broadway. In Manhattan, theatre is a multi-billion dollar industry and a major marketing and economic foundation of the tourist trade. Here’s more from today’s announcement: