The Mercer Award is presented to "a songwriter or songwriting team who has already been inducted in a prior year, and whose body of work is of such high quality and impact, that it upholds the gold standard set by the legendary Johnny Mercer," according to the Songwriters Hall of Fame.

John and Taupin collaborated on such songs as "Candle in the Wind," "You're Song," "I Guess That's Why They Call It The Blues" and "I'm Still Standing." Their albums together include "Elton John," "Tumbleweed Connection," "Madman Across The Water," "Honky Chateau," "Don't Shoot Me I'm Only The Piano Player," "Goodbye Yellow Brick Road," "Caribou" and "Captain Fantastic And The Brown Dirt Cowboy."

"Some catalogs are more 'deep' and significant than others not only because of their pertinence to the times in which they were written, but because their sheer mass is overpowering," said Songwriters Hall of Fame chairman Jimmy Webb in a statement. "It's just not that easy to write 40 Top 10 records. It's kind of like swimming the English Channel with your hands tied behind your back. Elton's readily identifiable melodic piano style has proven to be a perfect accompaniment to Bernie's razor sharp lyrics about relationships and living on the edge of life both in good and bad times."

Tony Award winner John has also penned the stage musicals Aida, Billy Elliot and The Lion King. He was among the producers of the Tony-nominated play Next Fall. John and Taupin collaborated on the short-lived 2006 musical Lestat based on the Anne Rice novel.

As previously reported, Music mogul Berry Gordy, whose life story is currently dramatized in the Broadway musical Motown, will be presented with the Songwriters Hall of Fame's Pioneer Award during this year's ceremony.