State Rep. Treneé McGee (D-116) applauds the passage of the theater tax credit legislation included in the biennium budget for fiscal years 2024-2025. The legislation will provide a 30% tax credit to Broadway touring productions.
“I am thrilled that this legislation passed the House of Representatives and am grateful for the bipartisan support,” said McGee. “This is such a great economic opportunity for Connecticut to fiscally support the arts by incentivizing artists who share their art form with residents over the competitive markets around us. A special thanks to Anthony McDonald of the Shubert Theatre, Steve Sigel of the Garde Arts Center, Frank Tavera of the Palace Theater, and David Fay of the Bushnell for lending their support and helping champion this legislation.”
This legislation establishes a new tax credit for production companies eligible for pre- and post-Broadway productions and live theatrical tours performed at qualified facilities in Connecticut. The credit equals 30% of the production’s eligible expenditures which may include but not limited to costume, set design, lighting, food and lodging for the crew, and other transportation needs.
Taxpayers may apply the tax credit against the personal income tax or specified business taxes. The bill caps at $2.5 million the total amount of these tax credits allowed per fiscal year.
The biennium budget passed the House of early Tuesday. It now heads to the Senate for a vote.