Elton John and Bernie Taupin to Receive 2024 Gershwin Prize for Popular Song

"It's an incredible honor for two British guys to be recognized like this. I'm so honored," John said in a statement

Elton John has something new to celebrate!

John, 76, and longtime songwriting partner Bernie Taupin have been announced as the 2024 Library of Congress Gershwin Prize for Popular Song recipients. The Library of Congress established the coveted award in 2007 to recognize artists who have had "influence, impact, and achievement in the field of popular song."

John and Taupin, 73, first met in 1967 and have been creating songs together for over 50 years. In 1973, they scored their first No. 1 U.S. single with the release of "Crocodile Rock." Some of their biggest collaborations include "Goodbye Yellow Brick Road," "Don't Let the Sun Go Down on Me," "Bennie and the Jets," "Your Song," "Rocket Man," and "Tiny Dancer."

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The announcement comes nearly two weeks after John cemented his place in the EGOT hall of fame following his Emmy win in the outstanding live variety special category. Librarian of Congress Carla Hayden announced on Tuesday that John and Taupin "have written some of the most memorable songs of our lives."

"Their careers stand out for the quality and broad appeal of their music and their influence on their fellow artists. More than 50 years ago, they came from across the pond to win over Americans and audiences worldwide with their beautiful songs and rock anthems. We're proud to honor Elton and Bernie with the Gershwin Prize for their incredible impact on generations of music lovers," her statement added.

John and Taupin will be celebrated with a tribute concert in Washington, D.C., on March 20 that will air on PBS on April 8 at 8 p.m. ET. The award is something John called an "incredible honor."

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"I've been writing songs with Bernie for 56 years, and we never thought that that one day this might be bestowed upon us. It's an incredible honor for two British guys to be recognized like this. I'm so honored," he said in a statement. Taupin shared similar sentiments.

"To be in a house along with the great American songwriters, to even be in the same avenue is humbling, and I am absolutely thrilled to accept," his statement read.

As for what makes their partnership work, the 2023 Rock & Roll Hall of Fame inductee told PEOPLE in September that "the glue that's kept us together all through these years is the music."

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"I think the musicality of it all is what's important. And that's where we are completely 50/50, hand in hand. Nothing will ever change. That is the legacy we've forged and we forged that together, and that is the most important essence of our careers. So on that level, I think we are completely the same," Taupin told PEOPLE.

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