HOUSE 1945117th CongressReferred to the House Committee on Ways and Means.
HITS Act
- Last Action
- 3/16/2021
Actions
- 2021-03-16Referred to the House Committee on Ways and Means.
- 2021-03-16Introduced in House
- 2021-03-16Introduced in House
CRS Summary
As of 2021-03-16 (00)
Help Independent Tracks Succeed Act or the HITS Act
This bill permits taxpayers to treat as currently deductible expenses the cost of qualified sound recording productions not exceeding $150,000 in a taxable year. The bill defines qualified sound recording production as certain sound recordings produced and recorded in the United States.
Cosponsors (20)
- Ron Estes (R-KS)
- Judy Chu (D-CA)
- Michael McCaul (R-TX)
- Suzan DelBene (D-WA)
- GRACE NAPOLITANO (D-CA)
- EARL BLUMENAUER (D-OR)
- Jimmy Panetta (D-CA)
- Darren Soto (D-FL)
- Steve Cohen (D-TN)
- JERROLD NADLER (D-NY)
- ELEANOR NORTON (D-DC)
- JAMES COOPER (D-TN)
- Jimmy Gomez (D-CA)
- Thomas Suozzi (D-NY)
- Marie Newman (D-IL)
- Brian Fitzpatrick (R-PA)
- Louie Gohmert (R-TX)
- Mark Green (R-TN)
- John Katko (R-NY)
- ADAM SCHIFF (D-CA)
Subjects
- Business expenses
- Income tax deductions
- Music
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.