New York Proposes Tax Credits For Music Projects

A New York state lawmaker has proposed extending the state's entertainment tax credits to cover the music industry. According to the Associated Press, Assemblyman Joe Lentol, a Brooklyn Democrat, has proposed legislation to create a 20% tax credit for music producers, similar to the tax incentives already provided for film and television production.

Lentol says that the credit should be applicable to to a spectrum of music concerns, including production facilities, singers, songwriters and music venues. It could also be applied to cover things like royalties, musician sessions fees, direct marketing and consultant fees paid for recorded music.

The state's legislature is set to reconvene in January, 2015. – via CelebrityAccess