Mrs. BLACKBURN. Mr. Speaker, I rise to speak about legislation I'm introducing dealing with tax options for songwriters and music publishers. The Songwriters Tax Simplification Reauthorization Act reinstates the ability of American music publishers and self-published songwriters to elect to use a 5 year, 20 percent per year amortization schedule. We had this tax option from 2005 to 2010. Inadvertently, it wasn't reauthorized.
Under current law, tax options available to songwriters and publishers are unworkable, obsolete, and cost-prohibitive. This creates a disincentive to new investment at a time when the music industry is under assault from illegal piracy online and as they are fighting to retain and create jobs.
A 16-year-old singer-songwriter named Bonner Black from Hot Rock, Tennessee, came to Washington last month to build support for this idea. Her dream is the American dream--to write songs that inspire and entertain us. We need this legislation to make certain songwriting remains a part of the American dream.