S 752 117th Congress Senate Taxation Business expenses Income tax deductions Music

HITS Act

Introduced: March 16, 2021 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 16, 2021

Introduced in Senate

Mar 16, 2021

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

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Plain-English summary Congressional Research Service

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 March 16, 2021

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

Related & companion bills 2