NY lawmakers consider tax break for music production
NY lawmakers consider tax break for music production [flickr, Nasos Efstathiadis]
Music producers in New York might soon receive a tax credit similar to what film companies receive.
Lawmakers are reviewing a proposal for a 25 percent tax credit for downstate music production companies and 35 percent upstate. It would cover costs including studio rental fees, instrument and equipment rental fees, mixing and mastering services and production session fees for musicians. It will also cover costs related to hiring programmers, engineers, and technicians. The credit would be capped at $25 million per year.
Marty Golden, a Brooklyn Republican who sponsors the bill in the state Senate, wants to see it passed by the end of this legislative session, which has five days remaining. Golden said the bill is intended to attract more music industry jobs to New York.