State Senator Hugh T. Farley (R, C, I - Schenectady) is pleased to announce the State Budget for Fiscal Year 2014-2015 includes a tax credit for touring stage productions that hold their technical rehearsals in New York State. Proctors Theatre in Schenectady is one local organization that would benefit from that credit.
“This 25 percent tax credit will certainly help Proctors and the local community,” Senator Farley said, noting the credit goes into effect next year. “The credit will encourage touring companies to set up shop in facilities like Proctors. This will generate economic benefits to the region, and also generate excitement in the arts. Proctors also enhances the quality of life in our region and I am pleased this is something that will help Proctors with its goals of expanding arts and cultural programs.”
The final budget also adds Schenectady County to the list of upstate counties in which film production companies may receive a temporary additional film tax credit. Similar legislation sponsored by Senator Farley and Assemblyman Santabarbara was vetoed last year, but they were successful in enacting this change in the final budget.
“This additional credit is designed to encourage film production in upstate counties, and I am pleased that we were able to ensure that Schenectady County can participate in this program,” said Senator Farley.