IL HB5426

Changes the definition of "pre-Broadway production" for credits awarded in fiscal year ending June 30, 2024 to require only "the goal of having a presentation scheduled for Broadway's Theater District" after Illinois performance, eliminating the current 12-month deadline requirement.

Increases the total tax credit cap for the State fiscal year ending June 30, 2024 from $2,000,000 to $4,000,000, with $2,000,000 available for non-commercial Broadway touring shows and $2,000,000 for commercial Broadway touring shows.

Maintains the standard $2,000,000 annual tax credit cap for all other State fiscal years beyond 2024.

Allows applicants to claim credits for qualifying Illinois labor expenditures and Illinois production spending related to accredited theater productions at qualified production facilities with at least 1,200 seats.

Takes effect immediately upon enactment.