Smith Introduces OhioSounds Legislation

Today, state Senator Kent Smith (D-Euclid) provided sponsor testimony for Senate Bill 171, which would create the Ohio Sound Recording Investor Tax Credit, also known as OhioSounds.

"People often overlook the size and economic strength of the music industry," said Smith. "Sales in 2020 exceeded $21 billion. This legislation will help Ohio become a destination for musicians, producers, and music industry leaders who will create jobs and boost our local economies. OhioSounds builds upon our state’s proud history and works to cultivate our musical legacy moving forward. Research has indicated that a vibrant nightlife helps attract residents, but beyond that, it will strengthen communities, increase quality of life, and help Ohio launch its next generation of chart-toppers."

OhioSounds is jointly sponsored with state Senator Michael Rulli (R-Salem). The bill would provide a 25% credit on the cost of recording a piece of music or for sound studio improvements. Studio improvement investments must be over $10,000 for projects to qualify. The credit would be capped at $75,000 per project and have a total annual tax credit cap of $1 million. This bipartisan legislation will strengthen local economies and expand Ohio’s rich and diverse musical history for years to come.

Senate Bill 171 now awaits further hearings in the Senate Ways and Means Committee.