North Brooklyn Assemblyman Joe Lentol, yesterday, announced the inclusion of a measure in the assembly’s one house budget that will provide a tax credit to companies that record and produce music in the state and create jobs for music industry workers from musicians to engineers and producers.
To qualify for the Empire State Music Production Tax Credit, the majority of production and recording costs must be spent in New York. Production costs covered by the tax credit range from studio and equipment rental fees to hotel and transportation expenditures directly related to music production. The total amount allocated in the one-house Assembly budget for the program this year is $25 million.
“As we come out of the recession, states have looked back to the arts as economic engines. New York began offering tax credits to support the film and television industry in 2004, which has brought over $7 billion in spending to the state. Unfortunately, the arts have not historically been looked at as an industry that can create significant revenue for a state, but the times are changing,” Lentol said. “By looking at the film industry in New York, we know that the arts are definitely an economic engine.”
Looking to support the next generation of artists, the program will also include a provision for emerging artists, who have never previously released a record. This provision provides an additional 10% credit for their debut album or EP.
“We must bring the music industry in New York back to its heyday by bringing music production back, by promoting emerging artists and ultimately, by creating and retaining jobs,” said Lentol, adding the measure will also quantify and report this data every year to show the real results.
Lentol spokesperson Edward Baker said while the tax credit wan’t in the senate’s one-house budget, Bay Ridge Sen. Marty Golden was the sponsor of the bill form of the program in the senate last session and it did have support across the aisle.
“Beginning next week we should have some feedback from the Governor on the proposal. We believe he is open to this,” said Baker.
Baker said Lentol does not fancy himself a musician but he does sing some great Sinatra.
