Leadership / 07.29.20
ENCORES Act Introduced in Congress, NIVA Endorses
Pollstar (07/24/20) Rendon, Francisco
U.S. Reps. Ron Kind (D-WI) and Mike Kelly (R-PA) have introduced the Entertainment New Credit Opportunity for Relief & Economic Sustainability (ENCORES) Act to provide tax credit to music venues for refunded tickets. The proposed credit tax would apply to venues worth half of each refunded ticket for cancellations prompted by the COVID-19 pandemic; those offering voucher alternatives to refunds; those that promote, produce or manage live concerts, comedy shows, sporting events and live productions; and venues with 500 or fewer full-time employees who are eligible. The National Independent Venue Association (NIVA) has backed the legislation, saying it would help independent venues remain solvent during the extended shutdown. "When shows were cancelled due to the pandemic, it was like a vacuum cleaner to our bank accounts, causing hundreds of millions in negative revenue at the worst possible time," stated NIVA's Advocacy Committee co-chair Adam Hartke. "The ENCORES Act is incredibly helpful to independent, mom and pop venues across America fighting to survive."
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Tags: Regulations , News , COVID-19 , Coronavirus