New York Codes, Rules and Regulations
Title 5 - DEPARTMENT OF ECONOMIC DEVELOPMENT
Chapter XXVI - Life Sciences Research and Development
Part 270 - New York City Musical and Theatrical Production Tax Credit Program
Section 270.3 - Eligibility requirements
Current through Register Vol. 46, No. 12, March 20, 2024
An applicant whose qualified musical and theatrical production is held in a qualified New York City production facility and applies to receive a credit under this section shall be required to complete an initial application, which shall include:
(a) an attestation that they will participate in a New York State diversity and arts job training program and complete a diversity and arts training program plan outlining their proposed methods of execution of such plan;
(b) an attestation that they will ensure that their production is available and accessible for low-or no-cost to low income New Yorkers and outline their proposed methods of doing so in a public accessibility and availability plan; and
(c) an attestation that they intend to comply with the legal requirement to contribute to the New York State council on the arts cultural program fund an amount up to 50 percent of the total credits received if its production earns ongoing revenue prospectively after the end of the credit period that is at least equal to 200 percent of its ongoing production costs, with such amount payable from 25 percent of net operating profits, such amounts payable on a monthly basis, up until such 50 percent of the total credit amount is reached;
(d) in addition, an applicant who has filed an initial application for this program shall be required to file a final application within 90 days of the end of the credit period of a qualified New York City musical and theatrical production company to claim the tax credit. As part of their final application, applicants shall submit proof of the execution of their plans listed in subdivisions (a) and (b) of this section. In order to receive the tax credit under this Part, an applicant must actually carry out and implement all of the requirements they have attested to pursuant to subdivisions (a), (b) and (c) of this section. For the purposes of this Part, an applicant who: meets the requirements as set forth in this Part; completes both an initial and final application as required in section 270.4 of this part; and meets the evaluation requirements of section 270.5 of this Part shall be eligible to receive the New York City musical and theatrical production tax credit.
