New York Governor Andrew Cuomo released his proposed fiscal year 2022 budget, which would include up to $25 million in tax credits for New York City theatre productions and additional arts benefits across the state.
Under the budget’s Pandemic Recovery and Restart Program, New York City productions would receive up to $25 million in tax credits as the promise of venues reopening their doors is on the horizon. Additionally, productions in the state but outside of the city would continue to receive benefits from the Empire State Musical and Theatrical Production Tax Credit, which would be extended through 2025 and doubled to up to $8 million.
Also included in the Recovery and Restart Program are similar tax credits—totaling up to $50 million each—under small business and restaurant “Return-to-Work” banners.
The proposal, which is to be reviewed by the Legislature in the first quarter of 2021, arrives on the heels of Cuomo’s announcement of the public-private New York Arts Revival initiative, which includes events across the state, the official opening of the “Little Island” performance center in Chelsea, and the reopening of indoor performance spaces with flexible seating.
These proposals, however, are contingent on the materialization of $15 billion in federal funding—what Cuomo referred to as “fair funding” in his State of the State address. His briefing also outlines a “worst case” allocation of $6 billion, which would portend cuts to school and college programs, Medicaid and various state initiatives, as well as the implementation of a temporary wealth tax.