New York Lawmakers Expand Tax Credit For Music
Senator Martin Golden and Assemblyman Joseph Lentol are looking out for those who make a living off the music industry.
The senate and assembly lawmakers recently sent a bill to Governor Andrew Cuomo to boost the state's music industry with a tax credit of at least 25 percent for music production costs in NYC and a 35 percent cut for upstate music businesses, Billboard reports. People within the recording industry, music publishers, and unions united to support putting a plan in action that will keep music alive in the state of New York.
CEO of Recording Industry Association of America Cary Sherman, said, "For too long, we have all watched as iconic recording studios, retail outlets and other businesses necessary for a healthy New York music economy have shuttered. Jobs have been lost to other countries, other states or lost altogether. That’s a shame and an outrage. New York once was -- and should again be -- a vibrant epicenter of music… This legislation provides an opportunity for New York to regain its footing and reclaim its status as an economic engine of music industry growth. We urge Governor Cuomo to sign this vital bill into law."
If Governor Cuomo seals the deal, there’s a high chance several job opportunities will be on the table for those seeking a career in the music production industry. The Empire State Music Production Tax Credit will cover session fees, salaries of session musicians, studio rental fees, engineers, technicians, programmers, transportation, music video production, and mixing and mastering fees.