Assemblyman Joe Lentol of Brooklyn (D) is proposing new legislation to establish a 20% tax credit for music production and related activities. The scope of the tax credit would extend to many facets of the music industry ranging from production facilities and venues to songwriters and publishers. It could also be applied to cover royalties, musician sessions fees, direct marketing and consultant fees paid for recorded music.
Lentol says Georgia, Tennessee and Louisiana have already passed legislation to provide production tax credits and incentives. The New York state legislature will reconvene in January, 2015.