A tax credit program that helped fuel Broadway’s recovery has run out of money.
Beginning in 2021, the NYC Musical and Theatrical Production Tax Credit enabled commercial productions to receive a 25% reduction on their production expenses, with a maximum of $3 million per Broadway production or $350,000 per Off-Broadway production. This $400 million program, initially planned to continue until 2027, is now anticipated to exhaust its remaining funds by October 2025.
Approximately $365 million from the program budget has already been used, and it’s anticipated that the program will cease operations once the remaining funds are dispensed.
The program, operated by the state’s economic agency, Empire State Development, will stop accepting applications for productions with a premier date later than September 15, 2025. Any leftover funds will be allocated to qualifying projects based on their premiere dates in chronological order.
As a theatre enthusiast, I can’t help but appreciate the significant impact the tax credit had on Broadway’s revival. In times when shows were eager to persuade investors to back new productions, this tax credit proved invaluable. It was regularly featured on recoupment charts for Broadway shows, helping to alleviate worries about eventual returns.
Robert Fried, a seasoned Broadway accountant, expressed his opinion that this measure had been beneficial to investors. He explained that it facilitated the process of raising funds for producers, but he believes that when this aid disappears, things will become more difficult.
The $100 million program for the revival of the industry, started by Gov. Andrew M. Cuomo in 2021, was initially funded to help recover from the theatrical shutdown caused by the coronavirus in March 2020. Later on, Gov. Kathy Hochul boosted the funding to $300 million and then increased it again to $400 million as part of the 2026 state budget. With this latest increase in funding, the program was also extended to run through 2027.
More to come.
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2025-07-18 00:24