{"id":2929,"date":"2026-06-04T17:36:00","date_gmt":"2026-06-04T17:36:00","guid":{"rendered":"https:\/\/newsmag.live\/2026\/06\/04\/the-broadway-tax-credit-has-returned-for-now\/"},"modified":"2026-06-04T17:36:00","modified_gmt":"2026-06-04T17:36:00","slug":"the-broadway-tax-credit-has-returned-for-now","status":"publish","type":"post","link":"https:\/\/newsmag.live\/ja\/2026\/06\/04\/the-broadway-tax-credit-has-returned-for-now\/","title":{"rendered":"The Broadway Tax Credit Has Returned, For Now"},"content":{"rendered":"
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\tThe Broadway<\/a> tax credit has returned after running out of funds<\/a> late last year.\u00a0<\/p>\n

\tAs part of the recently passed New York state budget, Gov. Kathy Hochul allocated an additional $150 million for the tax credit program, which started in 2021 and had been doling out about $100 million to Broadway and Off-Broadway productions annually. The $150 million covers productions that had their first paid performance starting Dec. 1, retroactively covering those who may have missed out on the tax credit during the funding gap, as well as those that followed. The program is authorized to accept applications through September 30, 2027 or until the total funding is allocated.<\/p>\n

\tThis is good news as many productions had already built the tax credit, of up to $3 million per Broadway production, into their budgets. And producers say it\u2019s become an important talking point when convincing investors to put money into a show, as it allows commercial productions to subsidize 25 percent of their production costs and provides an easier path to recoupment.\u00a0<\/p>\n

\tThe Broadway League, the trade association for Broadway producers and general managers, had been lobbying<\/a> for the tax credit anew once the industry realized the credit may run out of funds last summer. League members had a sense the credit would be included in the budget, which was signed into law May 28, and the plan is to continue to push for the inclusion of the credit moving forward.<\/p>\n

\tThe credit was enacted as a means for post-pandemic recovery, and there\u2019s been some that have viewed it as a tax credit to meet that special circumstance. Per the original legislation, the credit is set to be sunset in 2027. But the hope is that it becomes a permanent part of the budget moving forward, in the same vein as film and television credits.\u00a0<\/p>\n

\t\u201cWe\u2019re not a special case, we\u2019re not an industry asking for or something that no other industry is getting, that\u2019s kind of been our argument with state legislators,\u201d said Cody Lassen, a Broadway producer who sits on the League\u2019s government relations committee. \u201cWe\u2019ve been doing this for film and TV. All we\u2019re asking is, \u2018Can you consider us part of that tax credit packet?’\u201d<\/p>\n

\tBut there\u2019s also been pushback on the credit, which has been awarded to already high-grossing shows including The Lion King, Wicked <\/em>and The Music Man<\/em>, in addition to shows in need. Jeff T. Daniel, president of the Shubert Organization and chair of the League\u2019s Government Affairs Committee, was among those<\/a> who previously suggested that financially successful shows should give back a portion of the credit. This has yet to truly materialize.\u00a0<\/p>\n

\t\u201cI think there\u2019s still a bigger discussion of what shows should qualify, what shows should get the full amount, but I don\u2019t think there\u2019s a solution there that will ever please anyone,\u201d Lassen said.\u00a0<\/p>\n

\tStill, recoupment is an increasingly tough milestone to reach, with only a handful of shows<\/a> from this season have recouped thus far, with those limited to starry plays. Recoupment for musicals has become even more rare, with Just in Time<\/em>, recently reaching that milestone as the only the musical from the 2024-2025 season to have announced recoupment, and one of only a few in the recent years to reach that milestone, including The Outsiders <\/em>(from the 2024-25 season), Six <\/em>(2021-22) MJ <\/em>(2021-22) & Juliet<\/em> and Moulin Rouge!<\/em> <\/p>\n

\t\u201cThe Musical and Theatrical Production Tax Credit is essential to Broadway\u2019s ability to create good-paying jobs, attract investment and tourism to New York, and deliver unforgettable experiences to audiences from around the world. As production costs rise and competition intensifies, expanding this tax credit will help ensure that Broadway\u2019s economic impact \u2013 including those jobs, investments, and millions of dollars in tourism spending \u2013 remains strong. We are grateful to Governor Hochul, Majority Leader Stewart-Cousins, Speaker Heastie, and both houses of the Legislature for securing this expansion and helping protect the future of Broadway in New York,\u201d said Jason Laks, president of the Broadway League.<\/p>\n<\/p><\/div>","protected":false},"excerpt":{"rendered":"

The Broadway tax credit has returned after running out of funds late last year.\u00a0 As part of the recently passed New York state budget, Gov. Kathy Hochul allocated an additional $150 million for the tax credit program, which started in 2021 and had been doling out about $100 million to Broadway and Off-Broadway productions annually. The $150 million covers productions that had their first paid performance starting Dec. 1, retroactively covering those who may have missed out on the tax credit during the funding gap, as well as those that followed. The program is authorized to accept applications through September 30, 2027 or until the total funding is allocated. This […]<\/p>\n","protected":false},"author":1,"featured_media":2930,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[256,94,95,2,619],"tags":[],"class_list":["post-2929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-broadway","category-business","category-business-news","category-hollywood","category-theater"],"_links":{"self":[{"href":"https:\/\/newsmag.live\/ja\/wp-json\/wp\/v2\/posts\/2929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsmag.live\/ja\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsmag.live\/ja\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsmag.live\/ja\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsmag.live\/ja\/wp-json\/wp\/v2\/comments?post=2929"}],"version-history":[{"count":0,"href":"https:\/\/newsmag.live\/ja\/wp-json\/wp\/v2\/posts\/2929\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsmag.live\/ja\/wp-json\/wp\/v2\/media\/2930"}],"wp:attachment":[{"href":"https:\/\/newsmag.live\/ja\/wp-json\/wp\/v2\/media?parent=2929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsmag.live\/ja\/wp-json\/wp\/v2\/categories?post=2929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsmag.live\/ja\/wp-json\/wp\/v2\/tags?post=2929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}