In Tuesday’s (3/10) Billboard.com, Colin Stutz writes that in New York State, “Assemblyman Joe Lentol (D-North Brooklyn) announced Tuesday that the Assembly’s one-house budget will include a tax credit to companies that record and produce music in New York state, intended to create jobs for music industry workers. The Empire State Music Production Tax Credit is supposed to benefit the wide range of music professionals, from musicians to engineers and sound mixers, with a 25 percent credit downstate and 35 percent credit upstate available to music production companies. The credit covers expenses ranging from studio and equipment rental fees to hotel and transportation expenditures directly related to music production. To qualify, the majority of production and recording costs must be spent in New York…. A total of $25 million has been allocated in the one-house Assembly budget for the program this year. ‘As we come out of the recession, states have looked back to the arts as economic engines,’ … said Lentol. … The program also includes a provision for new artists who have never previously released a record, adding an additional 10 percent credit for their album or EP.”
Posted March 16, 2015
