Broadway Covid-Era Tax Credit Program Nears Depletion – Report

A tax credit program that played a crucial role in helping revitalize theatrical productions in New York City during and in the years after the Covid-19 pandemic and shutdown is nearly depleted even as it was expected to last into 2027.

In a report posted in the Broadway Journal newsletter of business reporter Philip Boroff, the four-year-old New York City Musical and Theatrical Production Tax Credit program could run out of funding by this fall. According to Boroff, who broke the story, The Broadway League, the trade association of theater owners and producers, informed its members of the coming depletion earlier this week.

Deadline has reached out to the League for confirmation and additional information. The League declined Boroff’s request for comment.

Shows that begin public performances by September 15 may still receive the subsidy of up to $3 million for Broadway productions. Shows that start later won’t be eligible. Among the upcoming Broadway productions scheduled to begin preview performances prior to September 15 are Mamma Mia!, Jeff Ross: Take A Banana For The Ride, Art, Waiting For Godot and Punch.

The credit subsidizes 25 percent of most production costs and is worth a maximum $3 million per Broadway show and $350,000 per Off Broadway show.

According to New York State’s Empire State Development, which administers the program, the $400 million New York City Musical and Theatrical Production Tax Credit period had been expected to end on September 30, 2027.

The Broadway League is expected to push for a continuation of the program.