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State Lawmakers Consider Music Industry Tax Credit

Two state lawmakers are banding together to present something they're suggesting is an encore to the state's film industry tax credit, which has brought $119 million to Ohio in its first two years. Statehouse correspondent Karen Kasler reports.

Giving a 25% 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."

The credit, set initially at a total of $3 million, would also refund 25% 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.