SCHENECTADY—March 31, 2014—Philip Morris, CEO of Proctors, Senator Elizabeth O’C Little (R-Queensbury) and Assemblyman Angelo Santabarbara (D-Rotterdam) today thanked Governor Cuomo, Senate Leaders Skelos and Klein and Assembly Speaker Silver for the inclusion of the Upstate New York Musical and Theatrical Production Tax Credit in the 2014-15 New York State Budget.
The purpose of the measure is to provide a 25% tax incentive to producers of touring musical and theatrical productions who are willing to launch such tours from a qualified upstate theatre: including Proctors in Schenectady, the Stanley Center for the Arts in Utica, the Landmark Theatre in Syracuse, the Palace Theatre in Albany, the Auditorium Theatre in Rochester and Shea’s Performing Arts Center in Buffalo.
“I wanted to develop a program that would allow upstate to compete with Rhode Island, Illinois and Louisiana, which are now launching the majority of Broadway tours, thanks to those states’ tax incentives,” said Morris. “I am glad The Broadway League and other theatres around the state supported the concept. I know they join me in thanking the governor, legislative leaders and, especially, our champions: Senator Little, Assemblyman Santabarbara and Kenneth Adams of Empire State Development.”
All upstate theatres and surrounding communities would benefit from producers choosing to “tech” shows (which involves all members of a production team building the technical elements of a show in preparation for a tour) within New York State. A September 2013 “tech” of Ghost The Musicalat Proctors, for example, provided a massive increase in regional hotel occupancy; dining; shopping; transportation; and tourism. The goal of the incentive is to encourage investment in live events; spur investment and tourism in the mid-and-upstate-regions; and to compete with a growing number of jurisdictions offering favorable tax treatment to investors in live theatre, such as Rhode Island, Illinois and Louisiana.
“I am delighted that we succeeded in winning approval for our theatre tax credit in this year’s budget,” said Senator Little, chair of the Senate Cultural Affairs, Tourism, Parks and Recreation Committee. “This modest tax credit will help keep shows in New York that might otherwise go elsewhere. That means we keep revenue in New York State, benefiting upstate communities. It’s good for the arts, enhances quality of life for residents and provides an economic boost. For all of that, I say bravo.”
According to The Broadway League, which represents theatres and producers throughout the country, Broadway—in New York City alone—generates $11.2 billion of economic activity annually and supports 86,000 jobs. Touring Broadway is also important to the state’s economy. As an example, one year of touring Broadway at Proctors in Schenectady generates over $30 million of economic boost—a financial bump mirrored in markets like Buffalo, Rochester and Utica.
“I have seen firsthand, in Schenectady, the economic revival that can take place thanks to investment in the arts and live theatre,” said champion of the measure, Assemblyman Santabarbara. “This incentive will give us another tool to continue rebuilding downtowns throughout upstate New York.”
The Upstate New York Musical and Theatrical Production Tax Credit will take effect in January of 2015.
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Michael Eck II Broadway Public Relations Liaison
Proctors & Capital Repertory Theatre
518.382.3884, ext. 181