Live theatre from Broadway to Los Angeles would get a huge financial boost under a change in the U.S. Federal tax code being championed by such actors as Neil Patrick Harris, Bryan Cranston and Tyne Daly.

New York Senator Charles Schumer’s proposal would allow 100 per cent of any live theatre investment to be deducted – up to $15 million per production.

That offers similar benefits currently granted to film and TV projects.

Senator Schumer says the change would create more shows nationwide.