The Real Deal New York

Tax breaks will keep Colbert at the Ed Sullivan Theater

Incentives include a $5M grant from Empire State Development to renovate theater
July 24, 2014 08:00AM

CBS’s “The Late Show” will stay in New York City once Stephen Colbert takes the reins from David Letterman — thanks in part to tax credits and other financial inducements.

The package of incentives includes a $5 million grant to offset the cost of renovating the theater at 1697-1699 Broadway, the New York Daily News reported. New York is making the grant available through the Empire State Development Corporation, the state’s primary economic development agency, according to the newspaper.

CBS will also be eligible for $11 million in tax credits over five years through the Excelsior Jobs Program, an initiative that offers incentives for creating jobs and making investments in New York state. CBS will keep about 200 jobs in the city, Capital New York reported. A number of New York City-based companies such as Vice and Etsy have taken advantage of the Excelsior program to lease additional space or rent out new offices as they grow. [Capital NY] and [NYDN] — Tom DiChristopher