Monday, October 13, 2014

Save Money Producing Your Album With A Tax Credit

Tax Credits image
Increasingly, music producers are looking for State tax credits before embarking on a project.

While this has been a big part of television and movie production for some time, music is now seeing the light in how cost-effective it could be to go somewhere besides Los Angeles and New York to make a new record. And since it's easier than ever to record just about anywhere, the tax credits now loom large for many a budget-minded producer.

Louisiana has been one of the leaders in music tax credits for some time, but recently Texas has jumped into the game. Tennessee fought runaway production by following with a big tax credit, and New York producers are currently lobbying legislators to pass a bill that will provide around $60 million in tax breaks each year to studios, artists, record companies and others involved in music creation.

That's not all, Georgia gives tax credits for up to 30% of the cost of making an album, and New Jersey recently gave Sony Music some $1.6 million in tax breaks to move 50 jobs there from New York City. And of course, Canada has long been a huge benefactor for the arts.

Most producers aren't aware of the current tax credit possibilities and most States are not very good at getting the word out, so you have to do some digging yourself. The first thing to do is look online to see if there's an entertainment or economic development commission like this one in Louisiana. There are a number of forms to fill out and the granting of the tax credits can take some time, so remember to plan as far in advance as you can.

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