State Rep. Kent Smith (D-Euclid) today announced a proposal to promote music industry growth in Ohio. The proposed Ohio Sound Recording Investor Tax Credit, or "OhioSounds," would provide incentives for music production, studio construction and recording within the state. Smith submitted the proposal for consideration in the state budget.
“OhioSounds would solidify the state’s commitment to our musical legacy and help encourage further creative endeavors from Ohio musicians while driving economic growth in a competitive industry and making Ohio a destination for musicians and producers,” said Rep. Smith. “This will not only inspire the next generation of The Black Keys or Bootsy Collins, but will provide a substantial economic return for communities across the state.”
Current data lists music industry revenues at nearly $7 billion annually. Rep. Smith wants to see some of that investment come to Ohio.
Rep. Smith’s proposal would provide tax credits for 25 percent of the related sound recording production costs for music projects created in Ohio. It would also refund 25 percent of music studio construction and recording infrastructure costs. To qualify for OhioSounds, production costs must exceed $5,000 per project, with a maximum incentive set at $50,000. If OhioSounds becomes law, the total amount of initial incentives would be capped at $3 million.
“We have the ability to attract talent not only from Ohio, but across the globe to create music, pioneer new technologies and contribute to our local economies. It’s a win-win,” said Smith. “We have the opportunity for people to be exposed to and fall in love with more Ohio talent. I think its a solid gold opportunity— maybe even platinum.”