HR 7886
116th Congress
House
Taxation
Business expenses
Income tax deductions
Music
HITS Act
Introduced: July 30, 2020
Introduced by:
Sánchez, Linda T.
Democratic
· California
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 30, 2020
Referred to the Subcommittee on Select Revenue Measures.
Jul 30, 2020
Referred to the House Committee on Ways and Means.
Jul 30, 2020
Introduced in House
Plain-English summary
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.
What's happening now
Referred to the Subcommittee on Select Revenue Measures.
Committees of jurisdiction
2