Broadway Wants Longer Tax Break as ‘Hamilton’ Prints Money
- Producers want the same deduction as investors in film and TV
- Congress considers longer deal for $12 billion NYC industry
Attendees take photographs outside of the “Hamilton” musical in the Times Square area of New York on May 22.
Photographer: Victor J. Blue/BloombergThis article is for subscribers only.
Alexander Hamilton introduced the idea of federal taxes. Broadway producers enjoying a record season buoyed by his namesake musical are lobbying Congress to limit what they owe.
The industry, which will celebrate its success this weekend at the Tony Awards, is fighting to keep a provision that allows live-theater backers deductions in a show’s first year. That means they’d pay tax on income only after turning a profit. The provision passed in 2015, yet needs to be extended by Congress this year to survive.