Assemblyman Santabarbara’s Legislation to Accelerate Theater Tax Credit Passes Assembly

Assemblyman Angelo Santabarbara (D-Rotterdam) announced that legislation he authored to accelerate the implementation of the Upstate New York Musical and Theatrical Production Tax Credit has passed the Assembly (A.10049). Under the bill, production companies would be eligible for the tax credit during the 2014 tax year – one year ahead of schedule.

“My focus continues to be cutting taxes and creating jobs, and I’m working every day to make our economy stronger,” said Assemblyman Santabarbara. “This legislation would help spur job creation and economic growth by attracting more big-name shows to Proctors, bringing more people into Schenectady and boosting local businesses.”

The tax credit would amount to 25 percent of qualified production costs incurred in New York State for accredited pre-Broadway and post-Broadway shows. The tax credit was originally part of this year’s state budget and was slated to take effect in 2015. By accelerating the implementation of the tax credit, musical and theatrical productions will be encouraged to add dates at upstate venues to their 2014 schedules, noted Assemblyman Santabarbara. Moving up the availability of the tax credit would also mean that the Proctors production of “Newsies” in October – which is highly anticipated in the Capital Region – will be able to benefit.

“I thank Assemblyman Santabarbara for helping create this tax credit and pushing for it to take effect even sooner than originally planned,” said Proctors CEO Philip Morris. “It will have an enormously positive impact not only on Proctors but also on our local businesses.”

Pre- and post-Broadway productions have already had a significant economic impact on the community. Over $755,000 was spent in Schenectady by the production of “Ghost the Musical,” which showed at Proctors for only a week last year. We can expect figures like this one to be even higher as this tax credit takes effect, noted Assemblyman Santabarbara.

This year’s state budget also expanded the Empire State Film Production Tax Credit to include Albany and Schenectady counties, giving film production companies incentive to establish roots upstate. Together, these initiatives will strengthen our region by benefitting local businesses and boosting the local economy.

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