Cuomo Introduces Tax Credits For Arts & Leisure Impacted by Covid-19 Pandemic

The New York State price range for 2021, will include things like a Pandemic Restoration and Restoration Program. The $130 million fund will deliver help to the arts and enjoyment sector, as properly as motels and dining establishments afflicted by the Covid-19 pandemic.

The price range features a four-yr extension and improvement of the musical and theatrical production tax credit history for New York City productions, offering up to $25 million to re-open in the marketplace and advertise tourism in the city.

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

Governor Andrew Cuomo released the plan as a means of encouraging really hard strike industries “get better from the pandemic and bring back work opportunities to New York.”

In addition to help for the amusement sector, the budget also presents a tax credit score for up to $50 million to small corporations that have been intensely impacted by the pandemic, as properly as a individual return-to-operate tax credit rating of up to $50 million precise to dining places.

This information arrives on the heels of Cuomo’s lately released initiative, New York Arts Revival, which will contain above 150 artists in sequence of pop-up performances in arts functions across the condition commencing February 4.

Coordinated by producers Scott Rudin, James Rosenthal and the New York Condition Council on the Arts, the events will aspect performances by Amy Schumer, Renée Fleming, Hugh Jackman, Chris Rock, and a slew of theatres throughout New York state.

“We have to deliver tradition and arts back to daily life,” he said. “We simply cannot wait around until eventually summer season to turn the lights back again on for the arts and deliver a residing wage for artists. We will not let the curtain tumble on their professions on on the future of our metropolitan areas.”

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