N.Y. Comp. Codes R. & Regs. tit. 5 § 270.6
The amount of the credit shall be the product (or pro rata share of the product, in the case of a member of a partnership) of 25 percent and the sum of the qualified production expenditures paid for during the qualified New York City musical and theatrical production's credit period. The amount of the credit shall not exceed $3,000,000 per qualified New York City musical and theatrical production for productions whose first performance is during the first year in which applications are accepted. For productions who first performance is during the second year in which applications are accepted, such per production cap shall decrease to $1.5 million per qualified New York City musical and theatrical production unless the department, in consultation with the Division of the Budget, determines that the New York City tourism economy has not sufficiently recovered based on analysis of key New York City economic indicators which shall include, but not be limited to, hotel occupancy rates, leisure and hospitality job rates, Metropolitan Transit Authority travel data, aviation data and other economic and travel metrics. Such analysis shall be informed by the status of any COVID-19 regulations affecting New York City musical and theatrical productions. In no event may a New York City musical and theatrical production be eligible for more than one credit under this program. In no event may expenses claimed under this credit program also be claimed under the musical and theatrical production tax credit program pursuant to section 24-a of the Tax Law.
The aggregate amount of tax credits allowed under this program shall be $100,000,000. Such aggregate amount of credits shall be allocated by the department among taxpayers based on the date of first performance of the qualified New York City musical and theatrical production. The credit shall be allowed for the taxable year beginning on or after January 1, 2021 but before January 1, 2024.
N.Y. Comp. Codes R. & Regs. Tit. 5 § 270.6