Tax Credit Proposed for New York Music Production Companies
On January 12, 2015 New York Assemblyman Joseph Lentol introduced bill A1465-2015 designed to help the music industry. The proposal would give music production companies, independent music companies, or sole proprietors of a music production company a tax credit in the amount of 20 percent of expenditures spent on costs related to the production of music. Specifically those expenses include recording production costs, artists’ royalties, musician session fees, graphics, digital scanning, programming and testing, production costs for music videos made in New York State and Direct Marketing Expenditures including consultant fees and costs to launch the recording. Assemblyman introduced a similar bill last session, though that bill failed to advance. For more information regarding A1465-2015, please contact Assemblyman Joseph Lentol.