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State approves tax credit for live theater productions
Creating the next big Broadway show will be a little bit easier financially.
Gov. Andrew Cuomo and the state Legislature announced Tuesday the creation of new financial and tax incentives for live productions throughout the Empire State. Under the agreement, included in the finalized state budget, producers who do pre-production on their shows in New York will receive a 25% tax credit.
During the launch process, in the weeks leading up to a show's debut, producers often rent facilities to construct sets, fit costumes, test microphone frequencies and perform the show for audiences.
"With this program, New York will be one of the most attractive places to invest in new productions while also providing a massive boon to the many beautiful venues that serve the upstate region," Al Nocciolino, an executive of the Broadway League, said in a statement.
The tax credit will take effect on January 1, 2015.