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NY Assembly backs tax credits for music production

March 25, 2015 Associated Press
Assemblymember Joe Lentol (D-Brooklyn) introduced a bill to offer tax breaks to music producers in New York state. Photo courtesy of Lentol’s Office
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ALBANY — The state Assembly has backed tax credits for music production in New York similar to those provided for film and television, intended to halt an exodus of musicians and producers to other states.

Assemblymember Joe Lentol (D-Brooklyn), who introduced the bill, says credits up to 35 percent, capped the first year at $25 million, would help keep New York jobs, especially in Brooklyn.

He says places like Los Angeles, Toronto and Nashville are drawing the business away with incentives.

It’s subject budget negotiations with Gov. Andrew Cuomo and the Senate’s majority Republicans, who didn’t put it in their budget plans.

Advocates say that’s modest compared to the $420 million available to film and television production, while the music industry has lost almost half its production jobs in New York since 1999.

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