S 4955
116th Congress
Senate
Taxation
Business expenses
Income tax deductions
Music
HITS Act
Introduced: December 3, 2020
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 3, 2020
Read twice and referred to the Committee on Finance.
Dec 3, 2020
Introduced in Senate
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
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1