Sen. Jim Bunning, R-Ky., today (Feb. 26) introduced the Senate version of the Songwriters Capital Gains Tax Equity Act. The bill amends the Internal Revenue Service Code to allow songwriters to claim

Sen. Jim Bunning, R-Ky., today (Feb. 26) introduced the Senate version of the Songwriters Capital Gains Tax Equity Act. The bill amends the Internal Revenue Service Code to allow songwriters to claim capital gains when selling compilations of their work.

Sen. Lamar Alexander, R-Tenn., is co-sponsoring the bill. The companion bill in the House was introduced Feb. 4 by Rep. Ron Lewis, R-Ky.

The bill reflects the current relationship between songwriters and music publishers, wherein writers often share in the costs of exploiting their compositions. In past years, the publishers generally assumed most costs.

The Nashville Songwriters Assn. International initially brought the issue to Capitol Hill.

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