New York, NY (Top40 Charts) New York Is
Music Comprises A Wide Range of Businesses and Organizations including Glassnote Records, BMI, The Recording Academy, The Associated Musicians of Greater New York (Local 802), NYU's Clive Davis School of Recorded Music, the Brooklyn Chamber of Commerce and More
Roundtable Discussion on
Empire State Music Production Tax Credit Hosted By NY
State Assemblyman Joseph Lentol (Brooklyn, District 50) Set for November 2014
Local music industry stakeholders, concerned that New York
State is losing its position as the epicenter of the global music business, have formed New York Is Music, a coalition that seeks to increase awareness of the music industry's economic impact, advocate for local and state initiatives that retain and grow jobs; promote music education; and support the preservation of New York's rich multi-cultural music heritage.
New York's music industry consists of world-class recording studios, leading music education programs, historic venues, renowned instrument manufacturers, music technology start-ups and more than 70,000 music professionals working in hundreds of organizations across the State. Despite its scale, the industry's economic impact has not been quantified. In the meantime, other states, recognizing the value of a diverse music economy, have created targeted incentives to entice both musicians and music professionals away from New York.
In response, New York Is Music's first initiative is to support passage of the
Empire State Music Production Tax Credit, a bill introduced by NYS Assemblyman Joseph Lentol (Brooklyn, District 50). The proposed legislation is modeled in part after the success of the New York
State Film Tax Credit (also spearheaded by Assemblyman Lentol) that rejuvenated the State's film industry. In its current form, the bill will provide companies and individuals who record and produce music in NYS with a 20% income tax credit for qualifying expenditures. New York Is
Music and Assemblyman Lentol will be hosting a series of Roundtables with other local officials and music industry stakeholders to examine the bill in New York City and Albany beginning in November.
New York Is
Music was conceived earlier this year by
William Harvey (William
Harvey Studio) and Justin Kalifowitz (CEO of Downtown
Music Publishing). The coalition is comprised of a growing list of over 60 organizations including Glassnote Records, BMI, The Recording Academy, The Associated Musicians of Greater New York (Local 802), NYU's Clive Davis School of Recorded
Music and the Brooklyn Chamber of Commerce.
"We are losing quality jobs and tax revenues to states and countries that have begun to offer targeted and thoughtful incentives to the multi-billion dollar global music industry," said Assemblyman Lentol. "If New York
State is to remain the preeminent location for the music industry in the world, we have to put our minds together and come up with an effective approach that includes every segment of the music industry. The
Empire State Music Production Tax Credit (A8702) is a first step in this discussion - a series of roundtables and other discussions will follow. The final product will be something that everyone, whether you're a music industry professional, a casual listener or a taxpayer will be proud of."
"I am a musician and designer, I believe in being a creative stakeholder in my community," said Bill Harvey, NY Is
Music Co-Founder. "I love music and I love New York. I saw that people, even those involved, don't realize the scale and diverse nature of New York's music industry. It's an industry that requires a whole ecology in place to be creative and prosper and in New York it's an ecology in danger of collapse. Assemblyman Lentol's proposed tax credit for music production and recording will help bring new business to New York and help restore the ecology."
"New York has always been home to world-renowned musicians, songwriters and artists," said Justin Kalifowitz, CEO of Downtown
Music Publishing. "But it's also home to tens of thousands of music professionals, educators, engineers and technicians who collectively generate billions of dollars in economic activity across the State. Through New York Is Music, we are excited to work with Assemblyman Lentol in highlighting the economic and social importance of the music industry and insure that New York maintains its position as the world's global music capital."
For the full list of NY Is
Music supporters, more information, facts about the New York
State music industry, or to join New York Is Music, go here.
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