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HITS Act

1/11/2023, 1:47 PM

Congressional Summary of S 752

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 S 752

Bill S 752 is currently in the status of Bill Introduced since March 16, 2021. Bill S 752 was introduced during Congress 117 and was introduced to the Senate on March 16, 2021.  Bill S 752's most recent activity was Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S1571-1572) as of March 16, 2021

Bipartisan Support of Bill S 752

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
1
Democrat Cosponsors
0
Republican Cosponsors
1
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 752

Primary Policy Focus

Taxation

Potential Impact Areas

- Business expenses
- Income tax deductions
- Music

Alternate Title(s) of Bill S 752

HITS Act
A 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.
HITS Act
Help Independent Tracks Succeed Act

Comments

Sponsors and Cosponsors of S 752

Dianne Feinstein
Dianne Feinstein
CaliforniaDemocrat
Marsha Blackburn
Marsha Blackburn
TennesseeRepublican

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