Bill > S4955

This bill, the Help Independent Tracks Succeed (HITS) Act, amends the Internal Revenue Code to allow taxpayers to treat the cost of qualified sound recording productions, up to $150,000 in a taxable year, as currently deductible expenses rather than capitalizing those costs. The bill defines a "qualified sound recording production" as a sound recording produced and recorded in the United States. The bill also allows such qualified sound recording productions to be eligible for bonus depreciation under the tax code. These provisions are intended to provide tax relief and incentives for the production of sound recordings, particularly for independent artists and smaller-scale productions.