Broadway Receives Long-Awaited Tax Break for Christmas

The government put a knock-out present under the Great White Way's Christmas tree this year! As of tomorrow, December 18, Broadway and live theater productions can now take advantage of the same tax breaks afforded to film and TV.

(You can peruse the entire tax package here.)

The idea behind the move is to bump up job creation in the live performance industry, which is notoriously risky for individual investors.

"It's a long time coming, but absolutely perfect timing," Broadway League president Charlotte St. Martin told Variety. "We have so much new production now, and production costs continue to go up. Hopefully this will keep that pipeline going."

When U.S. Senator Charles E. Schumer originally announced the bipartisan legislation -- the STAGE Act -- in February, he said: "New York is home to the culture and entertainment capital of the world, but without critical tax incentives, many production companies are moving elsewhere. The STAGE Act will finally put an end to the disparate tax treatment in the entertainment industry, which will mean more shows on Broadway, more jobs and more investment in and around the Great White Way."

Stage and screen vets such as Tony winners Neil Patrick Harris and Bryan Cranston have backed the tax break from the beginning.

Broadway's 2014-15 season was arguably one of its healthiest, with 13.1 million theatergoers -- which is up 13 percent in two years -- and grosses of nearly $1.37 billion from its 37 productions.

What do you think now that the legislation will likely be passed? Tell us in the comments below!

Photo Credit: Kevin Thomas Garcia