Sec. 270.1. Purpose and general description

The purpose of these regulations is to set forth the application process by which a qualified musical and theatrical production company may apply for benefits under the New York City musical and theatrical production tax credit program established by chapter 59 of the Laws of 2021. These regulations include provisions describing the application process, the timing of such applications, the standards that will be used to evaluate the applications, the documentation that will be provided by applicants to substantiate the amount of qualified production expenditures of such applicants, and such other provisions as deemed necessary and appropriate. The New York State Department of Economic Development shall administer the program.