Extends provisions relating to establishing the New York city musical and theatrical production tax credit and establishing the New York state.

This bill amends the tax law to extend provisions relating to establishing the New York city musical and theatrical production tax credit and establishing the New York state council on the arts cultural program fund. It modifies the credit period for qualified New York city musical and theatrical production companies and adjusts the maximum amount of tax credits allowed. The bill also specifies that the credit shall be allowed for taxable years beginning on or after January 1, 2021, and before January 1, 2028.

Extends provisions relating to establishing the New York city musical and theatrical production tax credit and establishing the New York state.

This bill amends the tax law to extend provisions relating to establishing the New York city musical and theatrical production tax credit and establishing the New York state council on the arts cultural program fund. It modifies the credit period for qualified New York city musical and theatrical production companies and adjusts the maximum amount of tax credits allowed. The bill also specifies that the credit shall be allowed for taxable years beginning on or after January 1, 2021, and before January 1, 2028.