4:47 PM CST, December 13, 2011
As part of a broader package of tax benefits aimed at helping businesses in Illinois, incentives for long-running Broadway shows passed the Illinois Senate today and on their way to the desk of Governor Pat Quinn.
The so-called Live Theatre Production Tax Credit, long sought by Broadway in Chicago, is designed to support Illinois engagements of pre-Broadway and long-running shows in theaters of 1,200 seats or more. It provides producers with tax credits in return for their spending in the State of Illnois; up to 20% of spending on such things as labor and marketing can be applied. The program is capped at $2 million per year.
"That $2 million should be able to induce upwards of $500-600 million in economic output for both the city and state," said Lou Raizin, the president of Broadway in Chicago. "This will help us induce producers who may have gone direct to Broadway to do their pre-Broadway tryout in Chicago."
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