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Tax proposal to help live theater brings out stars
NEW YORK (AP) — Live theater from Broadway to Los Angeles would get a huge financial boost under a change in the federal tax code that's being championed by such actors as Neil Patrick Harris, Bryan Cranston and Tyne Daly.
U.S. Sen. Charles Schumer's proposal would allow 100 percent of any live theater investment to be deducted up to $15 million per production, offering similar benefits currently granted to film and TV projects.
The New York senator was joined at a Monday news conference by Harris, Cranston, Daly and producer Harvey Weinstein, as well as cast members from "The Phantom of the Opera," ''Newsies" and "Rodgers + Hammerstein's Cinderella."
Schumer said the change would create more shows nationwide, giving a shot in the arm to hotels, restaurants and taxis.
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