US HR1945

Bill

US HR1945

HITS Act Help Independent Tracks Succeed Act

Introduced
03/16/2021

In Committee
03/16/2021

Crossed Over

Passed

Dead
01/03/2023

Introduced Session

117th Congress

Bill Summary

A BILL To amend the Internal Revenue Code of 1986 to provide for an election to expense certain qualified sound record- ing costs otherwise chargeable to capital account.

AI Summary

This bill, the Help Independent Tracks Succeed (HITS) Act, amends the Internal Revenue Code to allow for the expensing of certain qualified sound recording costs that would otherwise be capitalized. Specifically, it: 1) Expands the existing tax provision for expensing costs of qualified film, television, and live theatrical productions to also include qualified sound recording productions. 2) Establishes a $150,000 cap on the amount of qualified sound recording production costs that can be expensed. 3) Disallows any other deduction or amortization for qualified sound recording production costs that are expensed under this provision. 4) Allows the expensing election to be made for qualified sound recording productions, defined as sound recordings produced and recorded in the United States. 5) Includes qualified sound recording productions as eligible for bonus depreciation tax treatment. The amendments apply to productions commencing in taxable years ending after the date of the bill's enactment, providing an incentive for independent musicians and record labels to invest in new sound recording projects.

Committee Categories

Budget and Finance

Sponsors (48)

Linda Sánchez (D)*, Jodey Arrington (R), Nanette Barragán (D), Stephanie Bice (R), Earl Blumenauer (D), Jamaal Bowman (D), Julia Brownley (D), G. Butterfield (D), Tony Cárdenas (D), Buddy Carter (R), Judy Chu (D), Steve Cohen (D), Jim Cooper (D), Angie Craig (D), Suzan DelBene (D), Lloyd Doggett (D), Adriano Espaillat (D), Ron Estes (R), Dwight Evans (D), Brian Fitzpatrick (R), Louie Gohmert (R), Jimmy Gomez (D), Josh Gottheimer (D), Mark Green (R), Sheila Jackson-Lee (D), Hank Johnson (D), John Katko (R), Derek Kilmer (D), David Kustoff (R), Darin LaHood (R), Ted Lieu (D), Billy Long (R), Michael McCaul (R), Tom McClintock (R), Jerry Nadler (D), Grace Napolitano (D), Marie Newman (D), Eleanor Holmes Norton (D), Jimmy Panetta (D), Mike Quigley (D), Jamie Raskin (D), Lucille Roybal-Allard (D), Pat Ryan (D), Adam Schiff (D), Pete Sessions (R), Darren Soto (D), Tom Suozzi (D), Nikema Williams (D),

Last Action

Referred to the House Committee on Ways and Means. (on 03/16/2021)

Official Document

https://www.congress.gov/bill/117th-congress/house-bill/1945/all-info

(3 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/117th-congress/house-bill/1945/all-info
BillText	https://www.congress.gov/117/bills/hr1945/BILLS-117hr1945ih.pdf
Bill	https://www.congress.gov/117/bills/hr1945/BILLS-117hr1945ih.pdf.pdf

Bill	Bill Name	Last Action	Type
HR5376	Build Back Better Act Birth Through Five Child Care and Early Learning Entitlement Act Trade Adjustment Assistance Modernization Act of 2021	Became Public Law No: 117-169.	Related
HRes774	Providing for consideration of the bill (H.R. 5376) to provide for reconciliation pursuant to title II of S. Con. Res. 14; and for other purposes.	Motion to reconsider laid on the table Agreed to without objection.	Similar To
S752	HITS Act Help Independent Tracks Succeed Act	Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S1571-1572)	Same As

Bill > HR1945

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (48)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary