J. Kelly Nestruck reported in the Globe and Mail on Monday that a tax credit aimed at the theatre industry has recently been passed by the Illinois legislature. The Live Theatre Production Tax Credit will provide commercial producers up to $2 million dollars in tax rebates for “pre-Broadway” and “long run” shows.
Both Chicago and Toronto are traditional pre-Broadway stops for large-scale musicals, and the cities derive tourism and economic boons from their vibrant theatre scene. And now with the Illinois tax credits taking effect in July, some of Toronto’s theatre advocates are trying to make the case that a similar tax credit for Toronto is both arts friendly and business savvy.
Tax credits are certainly not new to the Canadian film industry, but Mirvish Productions and Dancap –along with representatives of theatre unions and associations – are hoping for similar incentives directed towards the theatre as well. They have been active in advocating for competitive measures from the city and the province so that productions aren’t lost to American cities.
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Art, Entertainment & Sports Law Updates, Tax Law Updates
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