Producers Rejoice: Illinois Institutes Live Theatre Production Tax Credit Program

Good news for producers everywhere: according to a report in Time Out Chicago, a new tax credit just signed into Illinois law on December 16, 2011 will make producing theater in The Windy City more economical than ever.  As explained in Time Out Chicago, the "Live Theatre Production Tax Credit...allows for up to $2 million in incentives to for-profit live-theater presenters that could give Illinois a competitive leg up on other states in attracting and keeping more pre-Broadway and long-run shows such as The Addams Family and Jersey Boys. The legislation also aims to create and retain theater jobs. Presenters can apply for the credit at the end of the tax year with the Department of Commerce and Economic Opportunity, which may award credits worth up to 20 percent of their spending in Illinois."

Credit for the new legistlation, which mirrors the Film Production Tax Credit Act, can be attributed largely to Broadway in Chicago President Lou Raizin, who reportedly has been lobbying for live production tax breaks for years.  

Says Democratic Senator Sen. Toi Hutchinson who supported the bill in Time Out, "When you look at the number of shows that come to Chicago and what people do when they come—stay in hotels, eat at restaurants and shop...it’s a significant asset to the city, culturally and economically.”

For the full report in Time Out Chicago, click here.

In addition to creating more jobs for theater professionals, it is hoped that the new tax incentive program will inspire new producers to test more experimental works in the state that could live on nationally and internationally.