HITS Act

The HITS Act, also known as Bill 118 s 1625, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to provide support and relief to live music venues and other entertainment establishments that have been negatively impacted by the COVID-19 pandemic.

The HITS Act stands for the "Help Independent Tracks Succeed Act" and aims to help independent music venues and promoters by providing them with tax credits for certain expenses related to live performances. These tax credits would apply to expenses such as artist fees, production costs, and marketing expenses.

The bill also includes provisions to expand the eligibility criteria for venues to qualify for these tax credits, making it easier for smaller and independent venues to access this financial support. Additionally, the HITS Act seeks to provide relief to venues that have been forced to cancel or postpone events due to the pandemic, by allowing them to carry over losses from 2020 and 2021 to future tax years. Overall, the HITS Act is designed to provide much-needed support to the live music industry, which has been severely impacted by the pandemic. By offering tax credits and other forms of financial relief, this bill aims to help independent music venues and promoters recover from the economic challenges they have faced and continue to contribute to the cultural and economic vitality of their communities.