NEW YORK (CBSNewYork) — Live theater will now get the same federal tax benefits as the film and television industry.

This year has been good to Broadway, but U.S. Sen. Charles Schumer (D-N.Y.) said not every year is.

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The new tax code is like an insurance policy, he explained.

“If you invest, which means you’re creating jobs, you should be able to deduct that investment,” Schumer said. “Every other business can do it, but here you couldn’t invest until you realize profits. And as you know, it takes years sometimes before a Broadway show will make a profit.”

“Finding Neverland” producer Harvey Weinstein said the tax break will help create jobs in New York.

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“The idea of getting a bill passed in this Congress that benefits New York, my next show will be ‘Chuck Schumer: The Miracle,'” Weinstein said.

In a lighter moment during the announcement of the tax break, actor Brad Oscar thanked Schumer – in character as Nostradamus from the musical comedy “Something Rotten!”

“I have seen ‘Something Rotten!’ – not the wonderful new musical at the St. James Theatre, but the old federal tax code,” Oscar said as Nostradamus. “Now, we thank you for what you have done, Chuck – may I call you Chuck?”

“You may,” Schumer replied.

“Thank you so much,” Oscar as Nostradamus continued. “I see high drama and theatricality that has nothing to do with Republicans – no, new shows on the Broadway, and we thank you as a community.”

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Schumer’s co-sponsor was U.S. Sen. Roy Blunt (R-Missouri), whose home state includes Branson — a big city for live entertainment.