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HARTFORDBUSINESS.COM | JULY 10, 2023 15 get a 30% tax credit for their rooms and their meals and other ancillaries that they buy here in the state of Connecticut, it could be more attrac- tive than going somewhere else," Moran said. John Lanza, a partner at accounting and consulting firm CohnReznick, said he thinks the new tax credit will help lure more productions to Connecticut, which also has a strong theater talent pool. "You'll see someone apply for this incentive almost immediately," said Lanza, who leads CohnRez- nick's business tax credits and incentives group. But he also acknowledged it's a small program, at least to start, given the $2.5 million cap, which will limit its overall economic impact. State policymakers will have to look at the tax credit's impact about a year after it goes into effect, Lanza said, to determine the return on invest- ment, which is typically measured by direct spend as well as any multiplier effects, like increased activity at local restaurants and hotels. Shining the spotlight Theater executives work in close- knit circles, often doing much of their own promotions and bookings with the same agents, and many venue directors have already started spreading the word about Connecti- cut's new tax credit. "We've started those one-on-one conversations with booking agents," said Frank Tavera, CEO of Water- Frank Tavera is the CEO of Waterbury's Palace Theater. bury's Palace Theater. Agents, in turn, inform show producers that Connecticut theaters now have this incentive. Production companies then work with venue directors to analyze theater size, availability and costs for things like rent, utilities and union- ized stagehands, before deciding where to hold their rehearsals. Theater directors said the new tax credit should especially benefit venues in New Haven and Stam- ford, because they're closer to New York City and the Broadway theater district than Rhode Island. Costs for lodging, food and entertainment are also lower in Connecticut than in New York. Moran said he will spread the word about Connecticut's tax credit when he attends upcoming conferences in New York City and Nashville, Tennessee. He also will depend on the rela- tively small theater world, where word-of-mouth is an effective tool. "It's a pretty tight-knit business, so once the news gets out, it kind of spreads quickly," Moran said. dime-bank.com / 860.859.4300 Colchester | East Lyme | Glastonbury | Ledyard | Manchester | Montville | New London Norwich: Broadway, Corporate, Norwichtown | Stonington Borough | Taftville | Vernon | Westerly, RI It's your home. Your choice. Your Dime. Local Businesses Deserve a Local Lending Team We invite all local business owners to discover what makes working with a local, community-based lending team better for your business. Take advantage of: • lenders who work and live in the area • local decision making to help your business grow more efficiently PHOTO | CONTRIBUTED John Lanza