Paul L. Caron

Wednesday, December 23, 2015

Broadway Celebrates New Theatre Tax Credit

BroadwayWall Street Journal, Theater World Applauds New Tax Credits:

Leaders and luminaries from the Broadway theater industry gathered Monday to celebrate last week’s passage of a long-sought measure that will give live productions the same tax credits as movies and TV shows.

Starting next year, live theater and concerts will be able to deduct up to $15 million in costs if at least 75% of their budgets are spent in the U.S. Movie and TV productions already enjoy that ability. ...

The measure, co-sponsored by Sen. Roy Blunt, a Republican who represents the theater and concert hub of Branson, Mo., was part of the Protecting Americans from Tax Hikes Act of 2015. Signed into law by President Barack Obama on Friday, the bill includes more than $600 billion in tax breaks.

While the tax benefit will apply to live performances broadly, Broadway was seen as the biggest beneficiary. “He’s changed our business with this bill,” said Mr. Weinstein, referring to Mr. Schumer. “The idea of getting a bill passed in this Congress that benefits New York, my next show will be ‘Chuck Schumer: The Miracle Worker.’ ”

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