Broadway Shows Eye London, NY Wooing With Tax Credits

Summary

Danielle Muoio Dunn discusses New York's Broadway tax credit program, which was created during the pandemic to help shows. Critics question the program's lack of strings attached and its cost to the state amid a budget shortfall. Broadway attendance has recovered to pre-pandemic levels, but production costs remain high, pushing some producers to consider other cities like London.

• New York Governor Kathy Hochul is pushing to extend a Broadway tax credit program.
• The tax credit offers up to $3 million for Broadway shows and $350,000 for Off Broadway.
• Critics argue the credits lack conditions and largely benefit large productions backed by billionaires.
• Broadway attendance has returned to pre-pandemic levels, and revenue hit a record high in the 2024-25 season.
• Production costs have risen, making it harder for investors to see returns on shows.
• Some producers are considering staging shows in London, Atlanta, or Chicago where costs are lower.
• State lawmakers are exploring adding more strings to the tax credit if it is renewed.
• The credit is set to expire in September 2027, prompting a future policy debate.