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Senators propose refundable tax credit to spur sound‑recording production in Ohio
Summary
Senate Bill 187 would let the Department of Development certify refundable investor credits for sound‑recording production and studio infrastructure, with a $1 million annual aggregate cap and a 25 percent credit up to $75,000 per project; the bill sunsets in 2028 and requires a post‑sunset report, sponsors said. The committee heard sponsor
Senators Smith and Schaffer presented sponsor testimony for Senate Bill 187, which would create an Ohio Sound Recording Investor Tax Credit to encourage investment in music production and studio infrastructure.
Under testimony, the program would be capped at $1,000,000 per tax year in aggregate. The credit would be available for recording production costs or studio improvements where the investment exceeds $10,000; it would provide a 25 percent credit on qualifying costs, capped at $75,000 per project (equivalent to a $300,000 project cost at the 25 percent cap). Sponsors said the Department of Development would certify projects and that the bill includes reporting requirements; the credit is scheduled to sunset in 2028 so the legislature can assess results and impacts.
Senators cited broader economic statistics and local music industry assets — including the Rock and Roll Hall of Fame and state recording infrastructure — to argue the tax credit would help Ohio attract musicians, produce jobs and strengthen local economies. Senator Liston asked about the short sunset; sponsors said the sunset is intended to limit fiscal exposure while allowing demonstration of program results and noted the director of development must file a report after the sunset period.
Ending: The committee closed the first hearing on SB187 after sponsor testimony and member remarks; no committee vote was taken.
