Cuomo Introduces Tax Credits For Arts & Entertainment Affected by Covid-19 Pandemic

The $130 million fund will provide support to the arts and entertainment sector, as well as hotels and restaurants affected by the Covid-19 pandemic.

By: Jan. 19, 2021
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Cuomo Introduces Tax Credits For Arts & Entertainment Affected by Covid-19 Pandemic

The New York State budget for 2021, will include a Pandemic Recovery and Restoration Program. The $130 million fund will provide support to the arts and entertainment sector, as well as hotels and restaurants affected by the Covid-19 pandemic.

The budget includes a four-year extension and enhancement of the musical and theatrical production tax credit for New York City productions, providing up to $25 million to re-open in the industry and promote tourism in the city.

A credit for theatrical productions outside of the city would also extend for four years and double to $8 million.

Governor Andrew Cuomo introduced the plan as a means of helping hard hit industries "recover from the pandemic and bring back jobs to New York."

In addition to aid for the entertainment sector, the budget also provides a tax credit for up to $50 million to small businesses that were heavily impacted by the pandemic, as well as a separate return-to-work tax credit of up to $50 million specific to restaurants.

This news comes on the heels of Cuomo's recently introduced initiative, New York Arts Revival, which will involve over 150 artists in series of pop-up performances in arts events across the state beginning February 4.

Coordinated by producers Scott Rudin, James Rosenthal and the New York State Council on the Arts, the events will feature performances by Amy Schumer, Renée Fleming, Hugh Jackman, Chris Rock, and a slew of theatres across New York state.

"We must bring culture and arts back to life," he said. "We cannot wait until summer to turn the lights back on for the arts and provide a living wage for artists. We will not let the curtain fall on their careers on on the future of our cities."

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