Gov. Cuomo vetoes NY State tax credit bill designed to boost music production

While NY Governor Andrew Cuomo signed legislation to halt “ticket bot” use with scalpers, he has vetoed another music-related bill: The Empire State Music Production Tax Credit which would have offered a 25% tax credit for eligible production-related costs for Downstate music businesses (aka NYC) and a 35% tax credit for production-related costs for Upstate music businesses. From Billboard:

Efforts to push the bill through began two years ago by New York Is Music, a coalition of more than 200 music-related organizations. In June, state Assembly and Senate passed the legislation, sponsored by Assemblyman Joseph R. Lentol (D-Brooklyn) and Sen. Marty Golden (R-Brooklyn).

New York Lawmakers Pass Tax Credit to Boost Music Production in State
New York Is Music co-founder and CEO of Downtown Music Publishing, Justin Kalifowitz, told Crain’s New York Business that Cuomo’s veto came as a disappointment but is still optimistic in the tax credit’s future.

“In his veto, [Gov. Cuomo] pointed out that he was very supportive of the [music] industry he just didn’t know how it would be paid for,” he said. “We are looking forward to working with him on that. We have no doubt that we have significant support. It’s just a function of getting the details right.”

Supporters of the bill claimed it would’ve helped 100,000 New Yorkers.