Governor Kathy Hochul Proposes Extended Tax Credit for Commercial Theatre in NYC

Just yesterday, New York Governor Kathy Hochul outlined her Fiscal Year 2023 Executive Budget, which included some updates to the New York City Musical and Theatrical Production Tax Credit, launched last year by Governor Andrew Cuomo.

Her proposal continues the State's support of the industry, extending the initial application deadline to June 30, 2023; and doubling the overall cap on the program from $100 million to $200 million to provide one-time aid to eligible productions and revitalize tourism in New York City.

"We have the means to immediately respond to the COVID-19 pandemic as well as embrace this once-in-a-generation opportunity for the future with a historic level of funding that is both socially responsible and fiscally prudent," she said. "As I said in my State of the State speech: It's time for a better, fairer, and more inclusive version of the American Dream. I'm calling it the New York Dream. We will make that New York Dream real - and ensure that it can be realized by every single New Yorker."