Bill gives music, game businesses tax breaks
Jul 06, 2016 10:57 am
The Albany Times-Union reports July 3 that New York lawmakers sent a bill with $50 million in annual tax credits for producing music and digital games to the desk of Governor Andrew Cuomo. The bill gives tax breaks for studio rentals, music mixing, session musicians, programmers, and video design and editing done in New York, with lawmakers arguing that California, Louisiana, and Tennessee give similar tax breaks, and New York needs to keep its four percent of the national commercial music business. But the state Authorities Budget Office released its annual report July 5, criticizing these sort of bills. “This concept of giving tax breaks, giving loans and grants to encourage private industry, we can’t see a strong correlation between what we’re doing in an area and the results that are given,” the report said. Read the story about that report in The Albany Times-Union.