Governor Andrew Cuomo to Renew National Tour Tax Credit

It was reported today that New York Governor Andrew Cuomo will continue a state tax credit made available to Broadway tours.

The 2015 legislation grants a a 25-percent credit for certain costs on tax returns to producers who rehearse their touring shows in upstate New York.

Broadway producers and other presenters convinced the governor to renew the program, which was being considered for elimination amidst ongoing budget cuts.

The legislation was passed to mimmick such incentives available in Illinois, Louisiana, and Rhode Island. The goal of the legislation is to stimulate economic growth and continued investment in upstate New York.

The Empire State Musical and Theatrical Production Tax Credit Program has been renewed four more years at its current limit of $4 million.

Read the full story at Forbes.