New York City Musical and Theatrical Production Tax Credit

Part of Governor Andrew Cuomo’s Fiscal Year 2022 budget includes a $100 million dollar New York City Musical and Theatrical Production Tax Credit. The credit is aimed at revitalizing Broadway, as well as the tourism that comes with it.  

The new program is a two-year program offering a credit of 25% on qualified production expenditures. Qualified expenditures are costs paid by the production for tangible property used and services performed directly and predominantly within the state. These cost include, but are not limited to:

• Up to $200,000 on weekly salaries
• Construction
• Wardrobe
• Sound Recording
• Up to 50% of in state marketing and advertising

Applicants who apply in the first year of the program are capped at $3 million per project. Applicants who apply in the second year of the program are capped at $1.5 million.

Eligible productions must be live scripted performances in a Qualified Production Facility. In order to be considered a Qualified Production Facility, it has to be located in New York City and have 500 or more seats. Ballet, opera, musical solo, group, band or orchestra performances, or stand-up comedy performances are not eligible.

As information continues to be released about the New York City Musical and Theatrical Production Tax Credit, we will continue to update this page.

If you have any questions, please reach out to your Citrin Cooperman advisor or Ethan Soskel at esoskel@citrincooperman.com or 646-979-6059.