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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.

New York State Budget Includes Relief For the Arts Industry With Grants and Tax Credits

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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