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

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The New York State finances for 2021, will involve a Pandemic Restoration and Restoration Method. The $130 million fund will deliver assist to the arts and amusement sector, as effectively as resorts and places to eat affected by the Covid-19 pandemic.

The spending plan features a four-year extension and improvement of the musical and theatrical creation tax credit score for New York Metropolis productions, providing up to $25 million to re-open up in the sector and promote tourism in the city.

A credit rating for theatrical productions outdoors of the metropolis would also prolong for four a long time and double to $8 million.

Governor Andrew Cuomo released the prepare as a usually means of aiding tricky hit industries “get better from the pandemic and bring back jobs to New York.”

In addition to support for the amusement sector, the budget also gives a tax credit for up to $50 million to modest companies that were being heavily impacted by the pandemic, as properly as a individual return-to-perform tax credit rating of up to $50 million particular to eating places.

This information arrives on the heels of Cuomo’s recently released initiative, New York Arts Revival, which will include more than 150 artists in collection of pop-up performances in arts events throughout the condition beginning February 4.

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

“We should provide lifestyle and arts again to lifetime,” he claimed. “We cannot wait until eventually summer season to flip the lights back on for the arts and give a dwelling wage for artists. We will not enable the curtain slide on their professions on on the potential of our metropolitan areas.”

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