Assemblywoman Amy Paulin (D - Scarsdale) announced today that the New York State Assembly and Senate passed legislation she authored (A1448, S1606) to encourage the financing and production of off-Broadway theatrical works. This legislation amends outdated provisions in a 1940’s law governing the preparation of a financial prospectus and limitations on the number of investors who back the production.

"I love live theater, so I was especially proud to sponsor legislation to promote its creation," said Assemblywoman Amy Paulin.

"Thank you from the Entertainment, Arts and Sports Law Section of the NYS Bar Association to the Legislature for providing the people of New York with the opportunity to invest in shows once again," said Jim Ellis, Chairman.

The cost of preparing a theatrical production has skyrocketed during the past five years, as have theater rental and advertising media costs. An off-Broadway show that could have been produced in 1995 for $350,000 has been estimated to cost a minimum of $650,000 to produce today. As with Broadway budgets now well over $3 to $4 million, and in some cases approaching $8 million for musicals, the present rules are inadequate and unrealistic.