Yahoo Finance NY Gov. Andrew Cuomo Sets Tax Credits For Covid-Hit Arts & Entertainment In 2021 Budget
New York Governor Andrew Cuomo said the state’s budget for 2021 includes $130 million for what he calls a Pandemic Recovery and Restoration Program to support arts and entertainment, hotels and restaurants hit by Covid-19.
He presented two versions of the budget document, the working one assumes the federal government gives the state $15 billion that it is asking for to plug its massive virus-related deficit — which Cuomo believes is fully the fault of the feds under outgoing President Donald Trump.
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The program calls for three new tax credits and expands another for smaller businesses in the accommodation, arts and entertainment, restaurant and musical and theatrical production industries to help them “recover from the pandemic and bring back jobs to New York.”
Specifically, the budget plans to extend and enhance the musical and theatrical production credit for four years. A tax credit will provide up to $25 million in tax credits to jump start the industry and support tourism activity in New York City.
For musical and theatrical productions outside of New York City, the budget also extends a credit for four years and doubles it to $8 million.
The budget also provides tax credit for up to $50 million to support small businesses in highly impacted sectors in the hiring of additional workers during the year. A separate restaurant return-to-work tax credit provides up to $50 million to support restaurants in particular.
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