Sec. 270.8. Record retention/cultural fund reporting

(a) All applicants must maintain records, in paper or electronic form, of any qualified musical and theatrical production costs used to calculate their potential or actual benefit(s) under the program for a minimum of three years from the date the applicant claims a New York City musical and theatrical production tax credit. The department shall have access to the records during normal business hours at an office of the applicant within the State or, if no such office is available, at a mutually agreeable and reasonable venue within the State, for the term specified above for the purposes of inspection, auditing and copying.

(b) With respect to the contribution requirement set forth in section 270.3(3) of this Part, an applicant that claims and receives a tax credit under this program shall complete its contributions no later than Dec 31, 2025 and shall submit an annual report to the department detailing their contributions, as applicable, to the New York State council on the arts cultural program fund. Such requirement shall expire on the earlier of: December 31, 2025; or upon repayment of 50 percent of the total credit received by the applicant; provided, however, if a production closes and the applicant demonstrates that the production is not subject to the requirements of section 270.3(3) of this Part, then the applicant no longer needs to submit an annual report.