BWW TV: Bryan Cranston & More Stand Up for Senator Schumer's Broadway Tax Bill!
U.S. Senator Charles E. Schumer today joined actors Neil Patrick Harris, Bryan Cranston, other top Broadway actors and characters, as well as a number of Broadway producers, as he announced his campaign to give Broadway and live theater productions a major tax break that will encourage investment and spur job creation on the Great White Way. Schumer today called for passage of his key amendment that would change the federal tax code and create equal tax treatment for live theater by extending its investors the same benefits afforded already to film and television producers. Schumer today noted that individual investors are the backbone of this industry, but it is often a prohibitively risky enterprise to invest and finance commercial stage production. Schumer is rallying for his plan to help alter that reality; last week, he successfully fought for his amendment to be included in a Senate tax bill in that will be considered for a full vote in the Senate in the coming weeks. BroadwayWorld takes you inside the special event below!
The U.S. tax code now permits expensing of qualified film and television production costs up to $15 million when 75% of compensation paid is for services performed in the United States. Accordingly, studios producing movies and television shows may immediately recoup their investments before taxes are assessed on any profits earned. Under current law, Broadway shows and live theatrical productions are not offered the same federal tax incentives. Schumer's amendment would allow live theater investors to receive the same benefit.
According to the Broadway League, Broadway attendance in 2012-2013 reached 11.5 million. Broadway contributes $11 billion to New York City's economy on top of ticket sales and supports 86,000 jobs. Broadway is a world renowned tourist attraction, with over 7 million tickets purchased by visitors per year. Broadway also attracts repeat visitors; 58 percent of the audience attends at least two shows a season.
Click Here to Watch the Video!