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Governor Kathy Hochul Proposes Budget Enhancements for NYC’s Theatrical Sector
New York Governor Kathy Hochul has unveiled her budget plan for the fiscal year 2026, which aims to bolster the city’s vibrant musical and theatrical scene. A key highlight of this proposal is a two-year extension of the New York City Musical and Theatrical Production Tax Credit.
To further solidify support for the arts in New York City, the Executive Budget suggests extending this critical tax credit for an additional two years while also boosting the total allocation from $300 million to $400 million.
Initially introduced in 2021 during Governor Andrew Cuomo’s administration, this tax credit emerged as a $100 million initiative designed to revitalize the entertainment sector and encourage tourism in the wake of the COVID-19 pandemic. The program was aimed at alleviating some of the financial burdens associated with theatrical productions, thus fostering a gradual recovery of the industry.
The tax credit, originally limited to a two-year duration, was previously extended in 2023 by Governor Hochul until June 30, 2025, at which point the total funding was increased to $300 million. With the new budget proposal, there is a plan to push this program’s expiration to 2027, along with a significant increase in annual funding to $400 million.
For a comprehensive overview of the budget proposal, you can view it here.
Source
www.broadwayworld.com