The New York State funds consists of tax credit, grant applications and different measures aimed toward serving to restart the Broadway trade.
The funds, which was finalized Tuesday, comprises a $100 million tax credit score for theatrical productions in New York Metropolis, $40 million in grants to nonprofit arts and cultural organizations to assist in restoration from the pandemic and $800 million in grant funding to small companies, together with arts-related companies and industrial arts organizations.
Along with funding for organizations, the funds consists of $2 million in COBRA subsidies. The Coalition of Broadway Unions and Guilds lobbied the state for inclusion of the medical insurance subsidy.
“That is an unprecedented victory and we couldn’t be extra happy,” Actors’ Fairness, a member of COBUG, wrote in a tweet.
The $100 million program permits theatrical productions in New York Metropolis to obtain a tax credit score for 25% of certified expenditures. Per the textual content of the funds, a tax credit score of as much as $3 million is obtainable to musicals or theatrical productions which have their first efficiency within the first yr of this system. The credit score is capped at $1.5 million for reveals which have their first efficiency within the second yr of this system, except “the NY city tourism economic system has not sufficiently recovered.”
This system is similar to the present Empire State Musical and Theatrical Manufacturing Tax Credit score Program, which is aimed toward reveals that conduct technical rehearsals in upstate New York. The 2021 funds has prolonged that program via 2025 and elevated its funds to $8 million from $4 million.
A spokesperson for Sen. Brad Hoylman (D-Manhattan), who labored with a group of Broadway businesses and humanities organizations on a Revive and Rebuild proposal for the funds, mentioned in a press release to Broadway Information that the senator will guarantee productions that use the tax credit honor collective bargaining agreements, amid fears of wage cuts.
The funds additionally comprises provisions that would assist the small companies, such because the Costume Industry Coalition, that authored the Revive and Rebuild Proposal. The $800 million for small enterprise restoration grants can be utilized for-profit arts and cultural establishments, in addition to associated companies, with 100 or much less workers that didn’t qualify for different federal funding, akin to Save Our Phases or the Paycheck Safety Program, or are unable to correctly use it.
The grants cowl hire or mortgage prices, payroll, PPE purchases and different COVID-19 associated prices incurred between March 2020 and April 2021.