HITS Act

Help Independent Tracks Succeed Act or the HITS Act

This bill permits taxpayers to treat as currently deductible expenses the cost of qualified sound recording productions not exceeding $150,000 in a taxable year. The bill defines qualified sound recording production as certain sound recordings produced and recorded in the United States.

The HITS Act, also known as Bill 117 HR 1945, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to provide tax relief for independent musicians and artists by allowing them to deduct 100% of their expenses related to creating and producing music in the year they are incurred.

Specifically, the HITS Act would allow independent musicians to deduct expenses such as studio rental fees, equipment purchases, and marketing costs from their taxable income. This would provide much-needed financial relief for artists who often struggle to make ends meet while pursuing their passion.

The bill has received bipartisan support, with lawmakers on both sides of the aisle recognizing the importance of supporting the arts and creative industries. Supporters of the HITS Act argue that it will help to level the playing field for independent musicians and artists, who often face significant financial challenges in an industry dominated by major record labels and streaming platforms. If passed, the HITS Act could have a significant impact on the music industry, providing much-needed support for independent artists and helping to foster a more diverse and vibrant creative landscape. It remains to be seen whether the bill will ultimately be signed into law, but its introduction represents an important step towards recognizing the contributions of independent musicians and artists to our cultural and economic well-being.