New York Music Coalition Lobbies For Tax Breaks
October 8, 2014 at 10:46 AM (PT)
Music industry interests in NEW YORK state have formed the NEW YORK IS MUSIC coalition, which seeks to increase awareness of the music industry’s economic impact, advocate for local and state initiatives that retain and grow jobs; promote music education; and support the preservation of NEW YORK’s multi-cultural music heritage. More than 70,000 music professionals work in the State in recording studios, music education programs, venues, instrument manufacturers and music technology start-ups.
The coalition’s first initiative is the Empire State Music Production Tax Credit, a bill introduced by NYS Assemblyman JOSEPH LENTOL that will provide companies and individuals who record and produce music in NYS with a 20% income tax credit for qualifying expenditures. A similar bill aimed at the film industry passed the legislature and was signed into law.
“We are losing quality jobs and tax revenues to states and countries that have begun to offer targeted and thoughtful incentives to the multi-billion dollar global music industry,” Assemblyman LENTOL said. “If NEW YORK State is to remain the preeminent location for the music industry in the world, we have to put our minds together and come up with an effective approach that includes every segment of the music industry. The Empire State Music Production Tax Credit (A8702) is a first step in this discussion – a series of roundtables and other discussions will follow. The final product will be something that everyone, whether you’re a music industry professional, a casual listener or a taxpayer will be proud of.”
“I am a musician and designer, I believe in being a creative stakeholder in my community,” NY IS MUSIC Co-Founder BILL HARVEY said. “I love music and I love NEW YORK. I saw that people, even those involved, don’t realize the scale and diverse nature of NEW YORK’s music industry. It’s an industry that requires a whole ecology in place to be creative and prosper and in NEW YORK it’s an ecology in danger of collapse. Assemblyman LENTOL’s proposed tax credit for music production and recording will help bring new business to NEW YORK and help restore the ecology.”
“NEW YORK has always been home to world-renowned musicians, songwriters and artists,” DOWNTOWN MUSIC PUBLISHING CEO JUSTIN KALIFOWITZ added. “But it’s also home to tens of thousands of music professionals, educators, engineers and technicians who collectively generate billions of dollars in economic activity across the State. Through NEW YORK IS MUSIC, we are excited to work with Assemblyman LENTOL in highlighting the economic and social importance of the music industry and insure that New York maintains its position as the world’s global music capital.”