Cleveland-area Lawmakers Say Ohio Could "amp Up" Economic Growth Through Music Industry
OhioSounds tax incentive would attract recording industry projects, create jobs
Posted June 16, 2015 by Minority Caucus
 
 

State Reps. Kent Smith (D-Euclid) and Sarah LaTourette (R-Bainbridge) today announced a bi-partisan effort to create jobs and drive economic growth by making Ohio a destination for the recording industry. The Ohio Sound Recording Investor Tax Credit, also known as OhioSounds, will work to attract more of the almost $7 billion in annual music industry revenue to the state. 


“Ohio is the birthplace of legendary musicians, unforgettable songs and ‘Rock N’ Roll’,” said Rep. Smith. “OhioSounds honors our proud legacy and works to cultivate a winning model moving forward. Ohio can become a destination for musicians, producers and industry leaders who will create jobs and strengthen our local economies. The OhioSounds tax credit will solidify our commitment to Ohio’s musical heritage and create new music that will provide the soundtrack to our lives.”


“Much like the Ohio film tax credit, this legislation seeks to incentivize investment in Ohio and create jobs in a dynamic industry,” Representative LaTourette stated. “Northeast Ohio has seen quite an investment in response to the film tax credit, with major motion pictures filmed on the streets of Cleveland and throughout our region. Given our history as the birthplace of Rock n’ Roll, it just makes sense to extend that incentive to the music industry and embrace our heritage as musical innovators.”


The proposed tax credit will grant a 25 percent tax credit for sound recording production projects in the state. The incentive program will also return 25 percent of music studio construction and recording infrastructure costs to qualifying participants. To qualify, sound production costs must exceed $5,000 per project, with a maximum tax credit of $50,000 per project and an annual tax credit cap of $3 million. 


Smith and LaTourette’s proposal models a similar tax incentive program in Louisiana, which allows current residents to access credits for music production within the state without an upper cap limit. The Ohio program differs in that the credit is not limited to Ohio residents. However, with an upper limit of $50,000, the lawmakers believe the credit is sustainable.

 

Related Content

 
 
 
  
Featured Posts

Antonio Responds To Latest Ohio Opioid Crisis Report

 

The lead Democrat on the Ohio House’s Health Committee, Democratic Whip and state Rep. Nickie J. Antonio (D-Lakewood), today responded to the latest dire report on Ohio’s statewide opioid overdose and addiction emergency.

The Ohio State University’s College of Food, Agricultural and Environmental Sciences released the report “Taking Measure of Ohio’s Opioid Crisis” Tuesday, highlighting the grim realities many in the state are experiencing, but also making a case for greater treatment access and expanded educational and economic opportunities for Ohioans.

“This report confirms that treatment is necessary to stem the tide of this opioid crisis, and clearly we do not have enough treatment options currently available,” said Antonio. “We can do better. We must do better. Taxpayers deserve better economic opportunities, a strong and affordable educational foundation, and greater access to healthcare services – all things that we know will prevent opioid addiction and abuse.”

The report points to low education levels and limited job opportunities as central underlying causes of opioid abuse.



 
 

House Dems Respond To GOP's Proposed Wage-killing Unemployment Restrictions

 

The Ohio House Democratic Caucus today responded to the newly unveiled GOP unemployment compensation bill that freezes unemployment compensation for ten years, increases unemployment insurance tax rates from .02 to .03 percent for employers, and adds a new ten-percent tax on employees.

“As Americans we believe in getting paid for the work you do. But now, after helping to build our bottom line in Ohio, working people will take home less pay for doing the same job under this legislation,” said House Democratic Leader Fred Strahorn (D-Dayton). “That’s wrong.”

The legislation also reduces the amount of time a person remains eligible for unemployment insurance by two weeks, from 26 to 24.

“An automatic pay cut is not what most families and people have in mind when I talk to them about the priorities at their statehouse,” added Leader Strahorn. “People are concerned about owning a home, sending kids to school and trying to save what they can to get ahead.”



 
 

Lawmakers Push Solution To Stabilize 31 Fiscally Distressed Communities Hit Hard By Kasich's Budget Cuts

 

State Reps. Kent Smith (D-Euclid) and Kristin Boggs (D-Columbus) today announced a new plan to assist struggling communities hit hardest by Governor Kasich’s budget cuts and tax shifting policies over the past several years. Since taking office, Gov. Kasich cut over $1.7 billion in local community funding. Over 70 cities have lost at least $1 million each year due to Kasich’s budgeting and tax decisions, and 12 small cities have lost at least $2 million each, per year.



 
 

Reps. Howse, Clyde Introduce The Ohio Equal Pay Act

 

State Reps. Kathleen Clyde (D-Kent) and Stephanie Howse (D-Cleveland) today announced the introduction of House Bill 330, the Ohio Equal Pay Act. The legislation aims to address the persistent problem of unequal pay between women and men.