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Songwriters Gain from Change in Tax Law
Tax-treatment and copyright-reversion issues are among the most complicated concerns songwriters and music publishers face. This article examines a recent change in federal tax law regarding the sale of musical compositions as well as related tax and reversion issues.
Tax-treatment and copyright-reversion issues are among the most complicated concerns songwriters and music publishers face. This article examines a recent change in federal tax law regarding the sale of musical compositions, as well as related tax and reversion issues.
The Tax Increase Prevention and Reconciliation Act of 2005 (Pub. L. No. 109-222, 120 Stat. 345 (2006)) (the Act) was signed into law by President Bush in May. The new Act includes the provisions of a bill entitled the Songwriters Capital Gains Tax Equity Act, introduced by Rep. Ron Lewis (R-KY) in the House of Representatives and by Sen. Jim Bunning (R-KY) in the Senate. It is the culmination of the Nashville Songwriters Association International's (NSAI) 5-year effort to address the disparate tax rates historically paid by publishers versus those paid by songwriters upon the sale of a music catalog.
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