Stage Act of 2013 Could Allow Broadway Productions Same Tax Write-Offs as TV, Films
Variety reports that Broadway could be on the road to receiving the same tax breaks as film and television, with U.S. Sen. Charles E. Schumer (D-N.Y.) introducing the Stage Act of 2013.
Read the original report here.
The act would include investors in theatrical productions in the same category as others who benefit from Section 181 of the federal tax code. Section 181 states that film and TV producers can write off up to $15 million for a U.S. project.
For theatre productions with a budget under $15 million, this is good news, as no income taxes would have to be paid until the show had recouped. With less risk in the investment, the measure could also prompt more investors to shell out support for Broadway productions.
Schumer recently gained bipartisan support from Sen. Roy Blunt (R-Mo) for the Stage Act. The next step is to create a parallel bill in the House of Representatives, along with plenty of bipartisan support. When other tax reforms crop up, the Stage Act of 2013 could be added to the group.