The Broadway Tax Credit Has Returned, For Now
The Broadway tax credit has returned after running out of funds late last year. As part of the recently passed New York state budget, Gov. Kathy Hochul allocated an additional $150 million for the tax credit program, which started in 2021 and had been doling out about $100 million to Broadway and Off-Broadway productions annually. The $150 million covers productions that had their first paid performance starting Dec. 1, retroactively covering those who may have missed out on the tax credit during the funding gap, as well as those with first public performances through the rest of the year. This is good news as many productions had already built the tax credit, of up to $3 million per Broadway production, into their budgets. And producers say it’s become an important talking point when convincing investors to put money into a show, as it allows commercial productions to subsidize 25 percent of their production costs and provides an easier path to recoupment. The Broadway League, the trade association for Broadway producers and general managers, had been …
