Hochul Proposes to Enhance NYC Musical and Theatrical Production Tax Credit

As first reported by Broadway Journal, New York Governor Kathy Hochul proposed allocating an additional $150 million to retroactively extend a New York State theater tax credit program.

The briefing book states: "To maintain support for musical and theatrical productions in New York City, the Executive Budget increases the aggregate amount available under the program by $150 million for productions with initial performances on or after December 1, 2025.

If the state legislature approves the extension, it could help shows including as All Out: Comedy About Ambition, which began performances in December, Every Brilliant Thing, starring Daniel Radcliffe, which will begin performances in February, and Giant, starring John Lithgow, which will begin performances in March. 

The New York City Musical and Theatrical Production Tax Credit, launched in 2021 with a $400 million cap. The tax incentive was created to revive New York’s live entertainment sector in the wake of the COVID-19 shutdown, which left theaters dark for over a year.

The tax credit deadline has continually been extended. New York State extended the deadline in September 2025 for the Tax Credit. The cutoff was previously in September, and was extended to October of 2025. Read BroadwayWorld's recent update on the Broadway Tax Credit HERE.