New York S04095 proposes the creation of the Empire State Music Production Tax Credit to incentivize music production in the state.

New York S04095 amends the tax law to create the Empire State Music Production Tax Credit. This credit applies to qualified music production companies and independent music production companies, as well as sole proprietors and members of partnerships involved in such businesses. The credit is calculated at 25% of qualified production costs, which include studio rental fees, instrument costs, and other specified expenses directly related to music production in New York. The total annual credit is capped at $25 million, with a weekly limit of $1.25 million.

New York S04095 proposes the creation of the Empire State Music Production Tax Credit to incentivize music production in the state.

New York S04095 amends the tax law to create the Empire State Music Production Tax Credit. This credit applies to qualified music production companies and independent music production companies, as well as sole proprietors and members of partnerships involved in such businesses. The credit is calculated at 25% of qualified production costs, which include studio rental fees, instrument costs, and other specified expenses directly related to music production in New York. The total annual credit is capped at $25 million, with a weekly limit of $1.25 million.