EDM.com Spotlight

EDM.com Spotlight

The Empire State is Looking to Financially Help Artists to Make Music

If you’re thinking about making music and wondering where to get your start... you may want to consider New York. Lawmakers are reviewing a proposal for a 25-35% tax credit to be redeemed by music makers in metro and upstate areas of New York.

The tax, which would cover "costs including studio rental fees, instrument and equipment rental fees, mixing and mastering services and production session fees for musicians," would ultimately be capped at 25 million dollars per year and would also contribute to payments related to the hire of professional programmers, engineers, and technicians for the sake of production.

In terms of the timeline for the bill, Brooklyn Republican Marty Golden would ideally like to see it passed in the next 5 days, before this legislative season comes to a close. Golden also argues that this bill is similar to one passed by the Assembly in May, which grants the same financial offerings to local film-writers.

"That’s what we want to do with the music tax credit," Golden said Tuesday. "Create jobs, and an economic engine for the state of New York. If we put some effort toward keeping this industry here and drawing the industry into the state of New York, we’re going to have tremendous successes," Golden said.

"It’s just a sense of leveling the playing field," said Justin Rose, head engineer at GCR Audio Recording Studio in Buffalo, referring to similar bills passed in states like California, Louisiana, and Tennessee. "In order to attract bigger better work, national acts that come to Buffalo, I feel the tax incentives could be a good way to do that."

Political director of Local 802 Chris Carroll said if the bill is passed, that music industry sales would increase statewide, and therefore boost promotion of new artists as well. The reason for this would be the indirect effect the bill has on production companies, and especially smaller ones, to encourage them to bring on new artists.

"It’s difficult to appreciate and understand the unique needs of the music industry. It isn’t like manufacturing," Carroll said. "It isn’t quite like steel manufacturing. It isn’t quite like anything else where you have a number of musicians who are employed for an extended period of time."

Source: CBS New York
Cover Photo via meandallmyfriends.wordpress.com