U.S. Sen. Charles Schumer is proposing legislation that would extend the tax incentives afforded to film producers and music publishers to those who invest in live theater.
Schumer introduced a law aimed at amending federal tax code to promote financing commercial stage productions, an often prohibitively risky enterprise. The legislation could impact dozens of theaters that put on Broadway shows and live production throughout upstate New York, including Proctors in downtown Schenectady.
“From New York City to upstate New York, the entertainment industry should be offered the same federal tax incentives, regardless of whether it’s a filmed or live production,” Schumer said in a statement Monday. “Broadway shows provide billions of dollars to New York’s economy and support thousands of jobs; however, without these critical tax incentives, many production companies are moving elsewhere.”
More than 12 million people attended a Broadway show in 2011, spending an estimated $8.9 billion throughout the state, excluding the cost of the tickets. Production-related spending totaled more than $2.2 billion and had a cumulative economic impact of over $11 billion, according to figures provided by Schumer’s office.