Congress made a temporary tax change for American songwriters permanent as part of a tax package they adopted prior to adjourning for the year. The “Songwriters Capital Gains Tax Equity Act” was originally adopted by Congress in May, but the important tax correction was only authorized for a five-year period, expiring in 2011. This action makes the change permanent.
“Congress making this change permanent validates our view that songwriters have deserved this relief for decades,” said NSAI Executive Director Barton Herbison. “The strong bi-partisan support behind this measure was another indication that songwriters had been unfairly penalized under the old rules.”
The equity measure, envisioned by the Nashville Songwriters Association International (NSAI), applies only when an American songwriters sells a catalogue of songs and does not apply to ordinary royalty income.
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