New York Music Biz Seeks Tax Breaks
The New York music industry is supporting a bill that would give tax breaks to those involved in the creation of music. The state is losing projects to other places, including Nashville, due to the high cost of living and working in New York.
The Empire State Music Production Tax Credit would provide companies and individuals who record and produce music in NYS with a 20 percent income tax credit for qualifying expenditures. According to the New York Times, the bill would give $60 million in tax breaks each year.
The bill was introduced by NYS Assemblyman Joseph Lentol (Brooklyn, District 50). “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,” said Assemblyman Lentol, who modeled the bill after the successful New York State Film Tax Credit initiative, which he also spearheaded.
Members of the music industry have formed the New York Is Music coalition. The organization aims to increase awareness of the 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 music heritage.
New York Is Music was conceived by William Harvey (William Harvey Studio) and Justin Kalifowitz (CEO of Downtown Music Publishing). The coalition is comprised of a growing list of over 60 organizations including Glassnote Records, BMI, The Recording Academy, The Associated Musicians of Greater New York (Local 802), NYU’s Clive Davis School of Recorded Music and the Brooklyn Chamber of Commerce.
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