The organization's change of heart comes after social media outcry in the theater community.
The Broadway League had decided not to dim Broadway's marquees for the pioneering comedian.
Nominations will be announced in late April.
The iconic actor died earlier this week at the age of 63.
The brassy Broadway mainstay died today at 89.
Wallach died on June 24 at the age of 98.
The state becomes the fourth to offer financial incentives to investors in live productions.
The Broadway League's 16th annual demographics report reveals these and many other fascinating statistics about the 2012-2013 season.
The grants help organizations develop and maintain educational programming associated with touring productions.