FILE - This Jan. 19, 2012 file photo shows a Broadway street in Times Square, in New York. New York state lawmakers have voted to help the theater industry by dangling tax incentives for investors who originate live productions in New York, making the state the fourth in the nation to give breaks to plays and musicals. (AP Photo/Charles Sykes, file)
April 01, 2014 - 8:18 AM
NEW YORK, N.Y. - New York state lawmakers have voted to help the theatre industry by dangling tax incentives for investors who originate live productions in New York, making the state the fourth in the nation to give breaks to plays and musicals.
A program offering a 25 per cent tax credit to producers who ready their shows in New York's facilities was included in the $140 billion election-year budget that passed the Legislature on Monday.
New York now follows Rhode Island, Illinois and Louisiana. It becomes effective for the tax year beginning Jan. 1, 2015.
The tax incentives have helped in other locations, most notably in Chicago where the Broadway-bound shows "Kinky Boots" and "Big Fish" took advantage of a tax credit worth up to $500,000 per production.
News from © The Associated Press, 2014