1. (1) The Office shall review and approve applications for an Initial Certificate on a competitive basis and may consider the following criteria in determining whether and to what amount to award an applicant a Live Theater Tax Credit:

   1. (a) Location, size, duration and budget of the Eligible Theater Production;
   2. (b) Whether the Eligible Theater Production is a Pre-broadway, Pre-off-broadway, National Tour Launch or Regional Theater Production;
   3. (c) Estimated direct and indirect economic impacts of the Eligible Theater Production;
   4. (d) Demonstration of a competitive need for the Live Theater Tax Credit to support the expansion of the Eligible Theater Production; and
   5. (e) Any other factors the Office determines are necessary to evaluate applicants for an Initial Certificate.

2. (2) The Office will issue an Initial Certificate only if an applicant demonstrates that it meets all eligibility requirements. The Office shall have the sole discretion to determine:

   1. (a) Whether an applicant is eligible for a Live Theater Tax Credit;
   2. (b) The amount of Live Theater Tax Credits to award to an applicant; and
   3. (c) The total amount of Live Theater Tax Credits available to Pre-broadway Productions, Pre-off-broadway Productions, National Tour Launches or Regional Professional Theater Productions on an annual basis. If the Office determines that an applicant is not eligible for a Live Theater Tax Credit, it will

notify the applicant of that determination in writing.

1. (3) The Office shall not issue an Initial Certificate of the Live Theater Tax Credit:

   1. (a) To an Eligible Company for more than one Eligible Theater Production per year or to multiple Eligible Companies for the same Eligible Theater Production; and
   2. (b) For more than a total of $7,000,000 annually.

2. (4) If the Office approves an application for Live Theater Tax Credits, it will issue an Initial Certificate to the Eligible Company, with a copy to the Commissioner, containing the following information:

   1. (a) The recipient issued the Initial Certificate who will be eligible to claim the Live Theater Tax Credits upon issuance of a Final Certificate;
   2. (b) The total amount of Live Theater Tax Credits approved, subject to confirmation in the Final Certificate;
   3. (c) The anticipated date the Eligible Production will submit the Cost Accounting Report and Economic Impact Report;
   4. (d) The anticipated year in which the recipient will claim Live Theater Tax Credits;
   5. (e) A unique identification number for the production and statement of conditional eligibility for the production;
   6. (f) Any other information the Office deems necessary to indicate the recipient's eligibility for the Live Theater Tax Credit; and
   7. (g) Any conditions, restrictions or limitations that the Office may in its discretion establish.
3. (5) The Initial Certificate may require the Eligible Company to collect data about the direct and indirect economic impact of the Eligible Theater Production, to be included in the Economic Impact Report, and may require such other conditions and limitations as the Office shall deem necessary to ensure the proper administration and to assess the effectiveness of the Live Theater Tax Credit program.