New York S 4095: Creates the empire state music production tax credit

Bill Text

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S04095 Summary:

BILL NOS04095 

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SAME ASNo Same As

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SPONSORPARKER

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COSPNSR

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MLTSPNSR

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Add §50, amd §§210-B & 606, Tax L

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Relates to the creation of the empire state music production tax credit.

Go to top S04095 Actions:

BILL NOS04095 

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01/31/2025REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

01/07/2026REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Go to topS04095 Committee&nbspVotes:

Go to topS04095 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS04095 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4095

 2025-2026 Regular Sessions

 IN SENATE

 January 31, 2025
 ___________

 Introduced by Sen. PARKER -- read twice and ordered printed, and when
 printed to be committed to the Committee on Investigations and Govern-
 ment Operations

 AN ACT to amend the tax law, in relation to the creation of the empire
 state music production credit

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The tax law is amended by adding a new section 50 to read
 2 as follows:
 3 § 50. Empire state music production credit. (a)(1) Allowance of cred-
 4 it. A taxpayer which is a qualified music production company, or a qual-
 5 ified independent music production company, or which is a sole proprie-
 6 tor of or a member of a partnership which is a qualified music
 7 production company or a qualified independent music production company,
 8 and which is subject to tax under article nine-A or twenty-two of this
 9 chapter, shall be allowed a credit against such tax.
 10 (2) The amount of the credit shall be the product (or pro rata share
 11 of the product, in the case of a member of a partnership) of twenty-five
 12 percent and the qualified production costs paid in the production of
 13 music by the taxpayer. Qualifying music productions shall be commercial-
 14 ly licensed sound recording projects having as their principal place of
 15 production and recording this state and requiring expenditures in excess
 16 of twenty-five thousand dollars. If the annual cost of such productions
 17 to a taxpayer exceeds one hundred thousand dollars, but no single such
 18 production exceeds one hundred thousand dollars, such taxpayer may apply
 19 for the credit allowed by this section on an aggregate basis provided
 20 such taxpayer employs ten or more residents of this state. Qualified
 21 production costs shall mean costs for tangible property used and
 22 services performed directly and predominantly in the production of qual-
 23 ified music production in this state. Qualifying music production costs
 24 shall include studio rental fees and related costs; instrument and

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07606-01-5

 S. 4095 2

 1 equipment rental fees; production session fees for musicians, songwri-
 2 ters, composers, arrangers, music producers, programmers, engineers and
 3 technicians; mixing and mastering services of qualifying music
 4 productions; and hotel catering and local transportation expenditures
 5 directly related to music production. Costs shall not include recording
 6 live concerts; artists and producer royalties or advances; licensing
 7 fees for samples; interpolations or other music clearance costs; master-
 8 ing or post-production expenditures for projects that were not princi-
 9 pally tracked and recorded in this state; nor any costs associated with
 10 manufacturing, duplication, packaging, distribution, promotion, market-
 11 ing and touring not specifically outlined above.
 12 (3) No qualified production costs used by a taxpayer as the basis for
 13 the allowance of the credit provided for under this section shall be
 14 used by such taxpayer to claim any other credit allowed pursuant to this
 15 chapter.
 16 (b) Allocation of credit. The aggregate amount of tax credits allowed
 17 under this section, subdivision sixty-one of section two hundred ten-B
 18 and subsection (bbb) of section six hundred six of this chapter in any
 19 calendar year shall be twenty-five million dollars and one million two
 20 hundred fifty thousand dollars in any given week.