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On April 7, 2021, the Legislature passed and sent to the Governor the bills constituting the 2021-22 budget legislation (the Budget ). New York’s lawmakers had exhibited considerable restraint in the recent past, generally keeping spending increases and thus revenue increases at about the level of inflation. But pent-up spending demand, the COVID pandemic, one-party control of the Senate and Assembly, and a fiscally-conservative Executive perceived as politically weakened, resulted in lawmakers muzzling spending restraint, at least for the next few years. And with the spending increases comes a panoply of revenue-raisers which, given the already unprecedented exodus of wealthy taxpayers from New York over the past year, makes one wonder who will be left to pay such taxes!
Arts, entertainment, culture
The arts and cultural industries contribute more than $120 billion to the state economy in normal years, according to the state Council on the Arts, but many venues that cater to live audiences remain closed, and others operate with minimal staff and a fraction of their regular offerings. Among the assistance in the proposed budget:
New York City Musical and Theatrical Production Tax Credit: The new measure would provide up to $25 million in tax credits to jump-start the industry and support tourism in the city.
Musical and Theatrical Production Credit: This existing tax credit would be enhanced and extended for four years. To support musical and theatrical productions that happen in the state outside New York City, the budget extends the credit to 2025 and doubles it, to $8 million.