HITS Act

1/11/2023, 1:47 PM

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.

Congress
117
Number
S - 752
Introduced on
2021-03-16
# Amendments
0
Sponsors
+5
Cosponsors
+5

Variations and Revisions

3/16/2021
Text
PDF
XML

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

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.

Alternative Names
Official Title as IntroducedA bill to amend the Internal Revenue Code of 1986 to provide for an election to expense certain qualified sound recording costs otherwise chargeable to capital account.
Policy Areas
Taxation
Potential Impact
Business expenses•
Income tax deductions•
Music

Comments

Related

Bill Update Alert:  Inflation Reduction Act of 2022
Bill Update Alert:  HITS Act

Recent Activity

Latest Summary4/26/2021

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 <...

Latest Action3/16/2021
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S1571-1572)