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Bill

S 4095

Creates the empire state music production tax credit

2025 Regular Session Introduced by Kevin Parker

Bill S 4095 offers tax credits to music producers and studios in New York, boosting the music industry and creating jobs while stimulating local economies.

REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
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Bill Summary · S 4095

Summary of Bill S 4095: Empire State Music Production Tax Credit

Purpose and Intent

Bill S 4095 aims to establish a tax credit specifically designed to promote music production within the state of New York. The intent is to incentivize the growth of the music industry by providing financial relief to music producers, recording studios, and related businesses, thereby fostering economic development and job creation in the sector.

Key Provisions

  • Tax Credit Establishment: The bill proposes the creation of a tax credit for eligible music production expenses incurred by qualifying entities.
  • Eligibility Criteria:
    • The credit would be available to music producers and recording studios that meet specific criteria set forth in the legislation.
    • Eligible expenses may include costs related to recording, mixing, mastering, and other production-related activities.
  • Credit Amount: While the exact percentage or dollar amount of the tax credit is not specified in the provided information, it is expected to be competitive to encourage investment in the music industry.
  • Application Process: The bill outlines a process for applicants to submit claims for the tax credit, including necessary documentation to verify eligible expenses.

Affected Parties

  • Music Producers and Studios: The primary beneficiaries of this tax credit will be music producers, recording studios, and other businesses involved in music production.
  • Local Economies: By stimulating the music industry, the bill is expected to have a positive impact on local economies, creating jobs and supporting ancillary businesses such as venues, equipment suppliers, and hospitality services.

Procedural Aspects

  • Current Status: As of January 31, 2025, the bill has been referred to the Committee on Investigations and Government Operations for further consideration.
  • Legislative History: This bill follows several related bills from prior sessions (S 4549, S 2851, S 4918, S 4939, and S 5226), indicating ongoing legislative interest in supporting the music production industry in New York.

Conclusion

Bill S 4095 represents a strategic effort to bolster the music production sector in New York through financial incentives. By establishing a tax credit, the legislation seeks to enhance the state's attractiveness as a hub for music production, ultimately benefiting the economy and cultural landscape. Further developments will depend on the committee's review and any amendments that may arise during the legislative process.

Compiled from official sources — confirm details with the bill’s official record.

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