Lawmakers Band Together for Music Tax Credit They Hope Will Be a Hit
Two state lawmakers are banding together to present something they are suggesting is an encore to the state’s film industry tax credit, which has brought $119 million to Ohio in its first two years.
Giving a 25 percent tax credit to musicians, producers and others in Ohio is a key way to create a major number of jobs with a minor investment, says Republican Sarah LaTourette of northeast Ohio.
And her co-sponsor, Democrat Rep. Kent Smith of Euclid, says the OhioSounds tax credit is similar to ones in Louisiana and New York.
“With other states catching on to this is a $6.9 billion industry, I just really think that the time is now is for Ohio to act,” Smith said.
The credit, set initially at a total of $3 million, would also refund 25 percent of the construction costs of creating music studios in Ohio, up to $50,000 per project. The lawmakers note a film tax credit has attracted $119 million to Ohio its first two years.