Friday, October 29, 2021
New York's $3 million tax credit aims to help restart Broadway
Broadway News: Broadway productions are vying for a $3 million tax credit that the state hopes can jumpstart the industry.
The New York City Musical and Theatrical Tax Credit Program is intended to support commercial productions through the industry’s uncertain return and to encourage greater diversity backstage and in the audience.
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4 comments:
This sounds like a really great and helpful tax benefit in theory, but the article points out some major issues with the credit in its current form. I think this is incredibly necessary especially coming out of the pandemic with the reopening of Broadway. Theatre on Broadway is completely inaccessible to lower income communities and ticket prices are completely ridiculous. I like the suggestions of setting aside $20 and $40 tickets for people with lower income households. I think TDF is the perfect organization to handle to distribution of these tickets and I’m really glad the NY has chosen to partner with them. They do a great job with the red ticket booths in NYC and this sounds like a great partnership that hopefully they can get the word out and promote. Hopefully they can work some of these problems with this credit out so money isn’t ending back up into the rich investors pockets and actually is working to lower the barrier to accessing Broadway.
I don’t know the cost of anything when it comes to large Broadway productions, but I have a feeling that 3 million dollars may not mean much in the long run. I truly admire that the state is doing everything that they can to help Broadway get back on its feet but I am nervous that 3 million dollars might not be enough after theaters sat dark for so long. It is amazing to me how New York truly notices how much Broadway affects their economy, theatre so rarely gets the recognition it deserves in matters like this. Not only do our audience members buy tickets for shows, but they also support the local economy by going out to eat, getting hotels, sightseeing, or doing other tourist attractions as well before and after the show starts. It's exciting to know that New York is supporting Broadway in a time where they truly need help the most.
I agree with Sarah that I'm not sure what 3 million will do in the greater scope of a broadway production, but I like the sentiment. However, something that rubs me the wrong way is that this is aimed towards the for-profit commercial world of Broadway, which already has its inherent issues. To them, 3 million doesn't mean nearly as much as it would to a smaller LORT theatre company, who are really struggling if they haven't gone under. Additionally, is this money going towards massive production agencies and already wealthy producers? Many of whom have been called out for their problematic nature during the pandemic? While I am all about jump-starting the theatre industry, I feel like there are a lot better ways to allocate 100 million dollars across areas that really need it. For example, can we invest in BIPOC theatre companies to lift voices that are not often portrayed on the Broadway stage. Again, a good idea in theory, but I think it could be done better.
I think that this is really interesting to see, and I agree with the other comments I don’t think that 3 million will really do much for the industry as a whole and I think a bigger issue is not only trying to get those ticket sales but how to promote Broadway as a whole. I remember when I was in middle school there was a whole revival of Broadway musicals and an interest in Broadway musicals that really save the industry in a way that no one had imagined. And I think that’s why the musical Hamilton gets so much loveBecause it really allowed Broadway to open back up again by becoming this successful show with so much young interest and while I don’t think Broadway can ever rely on that kind of instant success and then slowly weaning down for the next 10 years, I think the next step is to make Broadway more accessible to the public because even though a few private investors have a lot of money, in the long run I feel like it is the public that will sustain Broadway.
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