The
Empire State Music Production Tax Credit, which proponents believe will
attract more music production jobs across New York State, passed in
both the Assembly and Senate on Thursday in Albany. If signed into law
by Gov. Andrew Cuomo, the bill will provide a 25 percent tax credit for
eligible production costs downstate (NYC), and a 35 percent break for
upstate music businesses.
The
program is capped at $25 million per year. To be eligible, costs must
be related to job creation, rental fees, session fees for
musicians/engineers, etc., mixing and mastering services,
transportation, or for music video production. The bill, sponsored by
Sen. Martin Golden and Assemblyman Joseph Lentol, received widespread
support from the local music industry, which has been looking for ways
to keep jobs and productions from shipping off to places like Canada.
