S 194
HITS Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
The Help Independent Tracks Succeed Act (HITS Act) amends the Internal Revenue Code to allow certain expenses related to the production of sound recordings to be deducted as business expenses rather than being treated as capital investments. Specifically, it expands the definition of ‘qualified sound recording production’ and limits the amount of expenses that can be deducted to $150,000 per year. This change aims to provide financial relief to independent music creators and recording studios.
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