New York State Budget Includes Relief For the Arts Industry With Grants and Tax Credits
$2 million in COBRA subsidies is available for entertainment workers, and theatrical productions will be eligible for $100 million in tax credits.
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Yesterday, the New York State budget was finalized, which includes much-needed relief for members of the entertainment industry.
According to The New York Post, musical and theatrical productions will be eligible for a total of $100 million in tax credits, with the New York City Musical and Theatrical Production Tax Credit also expanded to $100 million over two years.
$2 million in COBRA subsidies is available for entertainment workers who have been out of work and/or lost their health insurance as a result of the industry shutdown last March.
Small businesses, including arts-related business, are set to receive a total of $1 billion worth of aid, including $800 million in grants to cover the costs of their payrolls, rent or mortgage payments, and local property or school taxes.
The budget also includes $40 million in arts funding for nonprofit arts institutions.
Read more on The New York Post.
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