New York’s Massive Budget Channels Fresh Funds To Covid-Battered Arts And Entertainment
New York State’s just signed fiscal 2022 mega-budget includes a $1 billion package – a combination of grants and tax credits — for small businesses including arts, entertainment and restaurant to help speed economic recovery.
The Covid-19 Pandemic Small Business Recovery Grant Program steers $800 million in funding and $138 million in tax credits in part to for-profit arts and cultural institutions.
The New York City Musical and Theatrical Production Tax Credit expands to $100 million over two years to jumpstart the industry and support tourism in the city. For musical and theatrical productions outside NYC, the budget extends the tax credit for four years through 2025 and doubles it to $8 million.
By: Jill Goldsmith