NY legislators OK tax breaks for music and game producers
ALBANY, N.Y. (AP) — New York lawmakers have endorsed $50 million in annual tax credits for producing music and digital games in the state. That's on top of $420 million in yearly breaks now available to television and movie producers.
Sponsors of the economic stimulus bill now heading to Gov. Andrew Cuomo's desk say New York does less than 4 percent of music production estimated at $17 billion nationally.
And they estimate New York has only a 1 percent share of the nation's $25 billion U.S. gaming industry.
Assemblyman Joseph Lentol, a Brooklyn Democrat, says New York was once an epicenter for music production but lost to other states with their aggressive tax incentives.
The governor's office says the bill is under review.