Lou Raizin Releases Statement on the Live Theatre Production Tax Credit
The Live Theatre Production Tax Credit has been passed by both the Illinois House and Senate. Statement by Lou Raizin, President of Broadway In Chicago, provided below.
“Broadway In Chicago applauds Governor Pat Quinn and legislature, its leadership in both houses and on both sides of the aisle, for the passage of the Live Theater Production Tax Credit Act. The Bill recognizes the economic generator that theatre is to both the City and State. The passage of any tax credit in these economic times takes both courage and foresight. Through the use of the Live Theater Production Tax Credit, which applies only to long-run and pre-Broadway shows, the State of Illinois has created a tool that allows the City and State to further develop Illinois as a leader in theatrical tourism. The addition of one year to a long-run show could generate an economic output to the city and state of over $500 million, attracting more than 800,000 people with more than 42% coming from out of the market, staying in area hotels and eating at local restaurants. The passing of this bill is a great step for the State of Illinois and the City of Chicago, expanding the number of productions offered in Chicago and throughout our state."
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