New York Assemblyman Introduces Music Production Tax Credit In Budget
March 11, 2015 at 12:35 PM (PT)
DEMOCRATIC Assemblyman JOE LENTOL from NORTH BROOKLYN announced the inclusion of the EMPIRE STATE MUSIC PRODUCTION TAX CREDIT in the ASSEMBLY’s one-house budget. The program will provide a tax credit to companies that record and produce music in NEW YORK STATE, creating jobs for music industry workers, from musicians to engineers and sound mixers.
“As we come out of the recession, states have looked back to the arts as economic engines," said LENTOL. "NEW YORK began offering tax credits to support the film and television industry in 2004, which has brought over $7 billion in spending to the state. By looking at the film industry, we know that the arts are definitely an economic engine.”
Under the proposal, a credit of 25% for downstate and 35% for upstate will be available to music production companies. To qualify for the credit, the majority of production and recording costs must be spent in NEW YORK. Production costs that will be covered by the tax credit range from studio and equipment rental fees to hotel and transportation expenditures directly related to music production. The total amount allocated this year is $25 million.
Looking to support the next generation of artists, the program will also include a provision for emerging artists, who have never previously released a record. This provision provides an additional 10% credit for their debut album or EP.
“We must bring the music industry in NEW YORK back to its heyday by bringing music production back, by promoting emerging artists and ultimately, by creating and retaining jobs,” added LENTOL, an architect of the bill. “Not only will this program directly create jobs in the music production industry, it will also have indirect effects on a multitude of other music related industries.
The program was crafted with the help of NEW YORK IS MUSIC, a newly formed coalition of over 200 businesses and organizations working together to support the growth of NEW YORK’s music industry.
For more information from Assemblyman LENTOL's office, please contact his Director Of Communications EDWARD G. BAKER, II (email@example.com) at (718) 383-7474.