June 16, 2024


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Cuomo Introduces Tax Credits For Arts & Entertainment Affected by Covid-19 Pandemic

Cuomo Introduces Tax Credits For Arts & Entertainment Affected by Covid-19 Pandemic

The New York Condition funds for 2021, will incorporate a Pandemic Restoration and Restoration Program. The $130 million fund will supply support to the arts and enjoyment sector, as perfectly as hotels and restaurants impacted by the Covid-19 pandemic.

The price range incorporates a four-yr extension and improvement of the musical and theatrical output tax credit history for New York Metropolis productions, giving up to $25 million to re-open in the industry and endorse tourism in the town.

A credit for theatrical productions outside the house of the city would also lengthen for four years and double to $8 million.

Governor Andrew Cuomo introduced the strategy as a indicates of encouraging challenging hit industries “recover from the pandemic and carry back work opportunities to New York.”

In addition to support for the entertainment sector, the budget also provides a tax credit score for up to $50 million to small enterprises that were being seriously impacted by the pandemic, as nicely as a independent return-to-do the job tax credit score of up to $50 million unique to restaurants.

This information comes on the heels of Cuomo’s not too long ago introduced initiative, New York Arts Revival, which will involve around 150 artists in collection of pop-up performances in arts activities throughout the point out starting February 4.

Coordinated by producers Scott Rudin, James Rosenthal and the New York State Council on the Arts, the occasions will aspect performances by Amy Schumer, Renée Fleming, Hugh Jackman, Chris Rock, and a slew of theatres across New York condition.

“We must deliver culture and arts again to life,” he stated. “We cannot wait right until summer to turn the lights back on for the arts and give a dwelling wage for artists. We will not let the curtain fall on their occupations on on the potential of our towns.”

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