The bill establishes a Minnesota Live Musical Theater Production Grant Pilot Program, aimed at supporting the development of live musical theater productions that will eventually be presented in New York City's Broadway Theater District. It defines key terms such as "eligible venue," which refers to venues in Minnesota with at least 1,000 seats, and outlines the eligibility criteria for venues seeking grants. To qualify, venues must submit an application that includes a temporary theater lease agreement and commit to hiring local union workers in equal numbers to nonlocal workers. Additionally, the bill specifies that production costs eligible for grants can include various in-state expenses related to the development and production of theater concepts, salaries, set construction, and advertising.

The bill appropriates $1,000,000 for fiscal year 2025 to the commissioner of employment and economic development for the purpose of making grants to producers of live musical theater productions. Producers can apply for grants of up to $250,000 or 25% of their in-state production budget incurred within a six-month period. The grants are intended to support the development and production of pre-Broadway live musical theater, including preview performances and launches of national tours from eligible Minnesota venues.