HITS Act

Hozzl · 2023-01-11T13:48:13Z

Explore the details of House Bill 1945 HITS Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

1/11/2023, 1:48 PM

Summary of Bill HR 1945

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.

Congressional Summary of HR 1945

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.

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Current Status of Bill HR 1945

Bill HR 1945 is currently in the status of Bill Introduced since March 16, 2021. Bill HR 1945 was introduced during Congress 117 and was introduced to the House on March 16, 2021. Bill HR 1945's most recent activity was Referred to the House Committee on Ways and Means. as of March 16, 2021

Bipartisan Support of Bill HR 1945

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

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Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 1945

Primary Policy Focus

Taxation

Potential Impact Areas

Business expensesIncome tax deductionsMusic

Alternate Title(s) of Bill HR 1945

HITS ActTo amend the Internal Revenue Code of 1986 to provide for an election to expense certain qualified sound recording costs otherwise chargeable to capital account.HITS ActHelp Independent Tracks Succeed Act

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