As Broadway struggles, Governor proposes expanded tax credit

The First Art Newspaper on the Net    Established in 1996 Tuesday, April 23, 2024


As Broadway struggles, Governor proposes expanded tax credit
The Belascoe Theatre in New York on Jan. 12, 2022, featuring “Girl From the North Country.” As Broadway continues to reel from the economic effects of the coronavirus pandemic, New York Gov. Kathy Hochul is proposing to expand and extend a pandemic tax credit intended to help the commercial theater industry rebound. An Rong Xu/The New York Times.

by Michael Paulson



NEW YORK, NY.- As Broadway continues to reel from the economic effects of the coronavirus pandemic, Gov. Kathy Hochul is proposing to expand and extend a pandemic tax credit intended to help the commercial theater industry rebound.

Hochul on Tuesday proposed budgeting $200 million for the New York City Musical and Theatrical Production Tax Credit, which provides up to $3 million per show to help defray production costs.

“They were starting to recover before omicron, and then, as you have all seen, a lot of these performance venues had to shut down again, and those venues are critical for the economy,” the state budget director, Robert Mujica, told reporters.

The tax credit program, which began last year under Gov. Andrew Cuomo, was initially capped at $100 million. Early indications are that interest is high: Nearly three dozen productions have told the state they expect to apply, said Matthew Gorton, a spokesperson for Empire State Development, the state’s economic development agency.

The Hochul administration decided to seek to expand the tax credit program — and to extend the initial application deadline, from Dec. 31, 2022, to June 30, 2023 — as it became clear that Broadway’s recovery from its lengthy pandemic shutdown would be bumpier than expected.

Shows began resuming performances last summer, and many were drawing good audiences; Hochul visited “Chicago” and “Six” in October, while Gorton saw “The Lehman Trilogy” and “To Kill a Mockingbird.”

But the industry is now struggling after a spike in coronavirus cases prompted multiple cancellations over the ordinarily lucrative holiday season, and then attendance plunged. Last week, 66% of Broadway seats were occupied, according to the Broadway League; that is up from 62% the previous week but down from 95% during the comparable week before the pandemic.

“Clearly, we’re not out of the woods yet,” said Jeff Daniel, who is the chair of the Broadway League’s Government Relations Committee as well as co-CEO of Broadway Across America, which presents touring shows in regional markets. Daniel, still recovering from his own recent bout of COVID, welcomed the governor’s proposal and said the League would work to urge the Legislature to approve it.

“Every show we can open drives jobs and economic impact,” said Daniel, who noted the close economic relationship between Broadway and other businesses, including hotels and restaurants. “If we can maximize Broadway, we maximize tourism.”

Under the program, shows can receive tax credits to cover up to 25% of many production expenditures, including labor. As a condition of the credit, shows must have a state-approved diversity and arts job training program and take steps to make their productions accessible to low-income New Yorkers.

This article originally appeared in The New York Times.










Today's News

January 20, 2022

Claremont Rug Company Reports Unprecedented Growth in 2021

Theodore Roosevelt statue removal begins at Museum of Natural History

Sotheby's to offer a collection of five paintings by Claude Monet

Seattle Asian Art Museum presents inaugural show by new Curator of South Asian Art

Ricardo Bofill, architect of otherworldly buildings, dies at 82

Roland Auctions announces Private Collector's Auction and Winter Wonderland Auction

Listen to keyboard music by Bach (no, not that one)

Exhibition explores printmaker who brought Audubon's vision to life

Megan Lykins Reich will lead Cleveland's Museum of Contemporary Art

Rare vintage character model maquettes steal spotlight at Heritage Auctions

Phillips to host online-only auction raising funds for women's reproductive rights

Works by Kabuya Pamela Bowens-Saffo on view at Essex Flowers

Yvette Mimieux, who found fame in 'The Time Machine,' dies at 80

'The Kite Runner' is coming to Broadway

Bonhams appoints André Bodson as Chief Transformation Officer

'This Beautiful Future' review: Love glows in war's shadow

American LGBTQ+ Museum names first executive director

Rhona Hoffman Gallery opens a group exhibition curated by Ben Gill

Bonhams appoints Patrick Masson as Director for Europe

Nobel Prize won by Walter Kohn, Kindertransport survivor to be auctioned

The Dumbledore of clowning

Christie's exhibits selections from the collections of Jordan D. Schnitzer and his family foundation

As Broadway struggles, Governor proposes expanded tax credit

Ahlers & Ogletree announces results of New Year's Signature Estates Auction

Exploring the shining musical world of Shay Pinto's Lomipo single "New Man"

Can You Get A Free Phone If You Have Medicare?

Learn How to Make a PowerPoint More Creative and Interesting

The Complete Guide to Tree Services and How They are Disrupting Gardening & Landscaping




Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .

 



Founder:
Ignacio Villarreal
(1941 - 2019)
Editor & Publisher: Jose Villarreal
Art Director: Juan José Sepúlveda Ramírez

sa gaming free credit
Attorneys
Truck Accident Attorneys
Accident Attorneys

Royalville Communications, Inc
produces:

ignaciovillarreal.org juncodelavega.com facundocabral-elfinal.org
Founder's Site. Hommage
to a Mexican poet.
Hommage
       

The First Art Newspaper on the Net. The Best Versions Of Ave Maria Song Junco de la Vega Site Ignacio Villarreal Site Parroquia Natividad del Señor
Tell a Friend
Dear User, please complete the form below in order to recommend the Artdaily newsletter to someone you know.
Please complete all fields marked *.
Sending Mail
Sending Successful