NY Gov. Andrew Cuomo Units Tax Credit For Covid-Hit Arts & Leisure In 2021 Funds – .
New York Governor Andrew Cuomo said the state’s budget for 2021 was $ 130 million for a program he called the Pandemic Recovery and Recovery Program to support arts and entertainment, Covid-19-hit hotels and Includes restaurants.
He presented two versions of the budget document. The working one assumes that the federal government is providing the state with $ 15 billion to make up for its massive virus deficit – which Cuomo is entirely to blame, according to outgoing President Donald Trump.
The program provides three new tax credits and expands another for smaller businesses in the lodging, arts and entertainment, hospitality, and music and theater production sectors to help them recover from the pandemic and bring jobs back to New York.
In particular, the budget provides for the loan for music and theater production to be extended by four years and improved. A Tax credits provide up to $ 25 million in tax credits to help fuel the industry and support New York City tourism activities.
For music and theater productions outside of New York City, the budget extends the loan by four years and doubles it to $ 8 million.
The budget also includes a tax credit of up to $ 50 million to help small businesses in hard-hit sectors recruit additional workers later this year. A separate one The restaurant return to work tax credit provides up to $ 50 million to aid restaurants in particular.