summary
Introduced
03/16/2021
03/16/2021
In Committee
03/16/2021
03/16/2021
Crossed Over
Passed
Dead
01/03/2023
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 the expensing of certain qualified sound recording production costs that would otherwise be capitalized. Specifically, the bill expands the existing provision for expensing qualified film, television, and theatrical productions to include qualified sound recording productions, up to a $150,000 limit per production. This change allows recording artists and producers to deduct their recording costs in the year they are incurred rather than having to capitalize and depreciate those costs over time. The bill also includes qualified sound recording productions in the definition of "qualified property" that is eligible for bonus depreciation. These changes aim to provide tax relief and incentives for independent musicians and recording studios.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S1571-1572) (on 03/16/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/senate-bill/752/all-info |
| BillText | https://www.congress.gov/117/bills/s752/BILLS-117s752is.pdf |
| Bill | https://www.congress.gov/117/bills/s752/BILLS-117s752is.pdf.pdf |
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