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SENATE 752117th CongressRead twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S1571-1572)

HITS Act

Last Action
3/16/2021

Actions

  • 2021-03-16Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S1571-1572)
  • 2021-03-16Introduced in Senate

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 (1)

  • Marsha Blackburn (R-TN)

Subjects

  • Business expenses
  • Income tax deductions
  • Music
Read on Congress.gov

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.